The London Metal Exchange (LME) aluminium prices eased on the May 29 session after shooting up on the May 28 session. The cash price, however, remained above USD 3,700 per tonne. As both near-term and longer-dated contracts continued to rise, stocks recorded a consistent decline.
The LME aluminium cash bid as well as offer prices gained 0.92 per cent day-on-day on May 29. The bid rose from USD 3,734.5 per tonne to USD 3,769 per tonne as the offer edged up from USD 3,735 per tonne to USD 3,769.5 per tonne.
LME aluminium three-month bid price climbed from USD 3,638 per tonne on May 28 to USD 3,684.5 per tonne on May 29, marking a 1.28 per cent surge. The offer price recorded an improvement of 1.24 per cent, moving from 3,640 per tonne to USD 3,685 per tonne.
On the longer-dated contracts, both the Dec-27 bid and offer prices recorded a 1.23 per cent gain over the previous session. The bid closed at USD 3,298 per tonne, climbing from USD 3,258 per tonne, and the offer soared to USD 3,303 per tonne from USD 3,263 per tonne.