LME aluminium prices recovered their upward trend on July 27, supported by higher alumina prices and continued declines in exchange inventories, indicating a firmer market compared with the previous trading sessions.
The LME aluminium cash bid and offer prices increased on July 27. The bid rose by 0.52 per cent to USD 3,191 per tonne on July 27 from USD 3,174.5 per tonne on July 24. The offer climbed 0.53 per cent to USD 3,192 per tonne from USD 3,175 per tonne.
On July 27, the three-month bid gained 0.63 per cent. The bid increased to USD 3,180 per tonne from USD 3,160 per tonne, while the offer moved up 0.65 per cent to USD 3,181 per tonne from USD 3,160.5 per tonne.
On the longer-dated contracts, both the Dec-27 bid and offer prices recorded a 0.71 per cent increase over the previous session. The bid advanced to USD 3,110 per tonne from USD 3,088 per tonne, while the offer strengthened to USD 3,115 per tonne from USD 3,093 per tonne.
The LME aluminium three-month Asian Reference Price closed at USD 3,167.5 per tonne on July 27, up 0.25 per cent from USD 3,159.5 per tonne on July 24.
Contrary to the rising trend in prices, LME aluminium stocks continued to decline as of July 27. The opening stocks fell from 275,175 tonnes to 272,775 tonnes, marking a 0.87 per cent decrease.