After a record growth rate the previous day, aluminium prices on the London Metal Exchange contracted overnight on Tuesday, April 14, albeit still standing above USD 3,600 per tonne. While the LME aluminium bid price shed off USD 41 per tonne, amounting to USD 3,624 per tonne, the LME aluminium cash offer price experienced a loss of USD 40.5 per tonne, amounting to USD 3,625 per tonne.
LME aluminium 3-month bid price as well as offer price also decreased, but at a slower rate. Â Both prices dropped by USD 5 per tonne to stand at USD 3,565 per tonne and USD 3,566 per tonne, respectively. Dec-27 bid and offer prices closed at USD 3,017 per tonne and USD 3,022 per tonne as of April 14, which signalled an increase of 1 per cent.
The LME aluminium 3-month reference price was recorded at USD 3,563 per tonne, down by USD 44.54 per tonne or 1.23 per cent from USD 3,607.54 per tonne.
LME aluminium opening stock further declined, coming below 400,000 tonnes. The ongoing global supply chain disruptions due to the Strait of Hormuz blockage, alongside the growth in demand, have continued to result in lower LME stocks and increased prices and contracts. While the opening stock amounted to 397,100 tonnes, Live Warrants and Cancelled Warrants totalled 355,575 tonnes and 40,400 tonnes.
