The London Metal Exchange (LME) aluminium price graph recovered at the close of the June 17 session. The upswing in cash and near-term contracts improved in parallel as the withdrawals from stocks led to a continued decline in the aluminium inventory.
The LME aluminium cash bid as well as offer prices reported an improvement of 1.38 per cent day-on-day on June 17 from June 16. As the bid rose to USD 3,405 per tonne from USD 3,358.5 per tonne, the offer price climbed to USD 3,405.5 per tonne from USD 3,359 per tonne.
The LME aluminium three-month contract followed a similar trend. The bid price edged up to USD 3,408 per tonne from USD 3,388.5 per tonne, recording a gain of 0.58 per cent. Meanwhile, the offer price rose from USD 3,389.5 per tonne to USD 3,410 per tonne, gaining 0.6 per cent.
In the longer-dated contracts, both the December 2027 bid and offer prices decreased by 0.78 per cent at the close of June 17. The bid price slipped to USD 3,178 per tonne from USD 3,203 per tonne, while the offer price dropped to USD 3,183 per tonne from USD 3,208 per tonne.
The LME aluminium three-month Asian Reference Price stood at USD 3,410.5 per tonne on June 17, indicating a notable gain of 0.65 per cent compared to USD 3,388.5 per tonne on June 16.