The London Metal Exchange (LME) aluminium price reported improvements, rising above 1 per cent across the pricing segment, followed by modest gains in contracts on the September 14 close, recovering from the downward trend reported at the September 13 session.
The LME aluminium cash bid and offer prices gained USD 37 per tonne or 1.13 per cent day-on-day on September 14. The bid climbed to USD 3,310 per tonne from USD 3,273 per tonne and the offer shifted to USD 3,311 per tonne from USD 3,274 per tonne.
On September 14, the LME aluminium three-month bid and offer prices reported a USD 7 per tonne or 0.22 per cent rise over the previous close. The bid moved to USD 3,256 per tonne from USD 3,249 per tonne as the offer price surged to USD 3,257 per tonne from USD 3,250 per tonne.
The upward trend continued in the longer-dated contracts, with both the December 27 bid and offer prices reporting a surge of USD 20 per tonne or 0.63 per cent over the previous session. The bid, rising from USD 3,150 per tonne, closed at USD 3,170 per tonne, and the offer jumped from USD 3,155 per tonne to USD 3,175 per tonne.
Contrarily, the LME aluminium three-month Asian Reference Price closed at USD 3244.5 per tonne on September 14, reflecting a difference of USD 8.5 per tonne or 0.26 per cent from USD 3,253 per tonne on September 13.
Moving on to the inventory levels, the LME aluminium opening stocks slipped further by 250 tonnes or 0.1 per cent from 244,350 tonnes to 244,100 tonnes.
Live warrants contracted to 239,175 tonnes from 239,275 tonnes, reflecting a gap of 100 tonnes or a 0.04 per cent slump.
Similarly, cancelled warrants slipped by 150 tonnes or 3.11 per cent from 4,825 tonnes to 4,675 tonnes.
LME alumina Platts remained unchanged at USD 354.95 per tonne on September 14.