Aluminium prices on the London Metal Exchange (LME) moved higher on February 26 compared to the previous session, with both cash and futures contracts registering gains, while exchange inventories declined marginally.
The LME aluminium cash bid price rose to USD 3120.5 per tonne on February 26 from USD 3106.5 per tonne on February 25, marking an increase of USD 14 or 0.45 per cent. The cash offer price edged up to USD 3121 per tonne from USD 3107 per tonne, also up USD 14 or 0.45 per cent.
The three-month contract followed a similar trend. The LME aluminium 3-month bid price increased to USD 3146 per tonne on February 26 from USD 3131 per tonne on February 25, gaining USD 15 or 0.48 per cent. The 3-month offer price climbed to USD 3147 per tonne from USD 3131.5 per tonne, up USD 15.5 or 0.49 per cent.
For the longer-dated contract, the December 27 bid price rose to USD 3083 per tonne on February 26 compared to USD 3070 per tonne on February 25, reflecting a USD 13 or 0.42 per cent increase. The December 27 offer price advanced to USD 3088 per tonne from USD 3075 per tonne, up USD 13 or 0.42 per cent.
The LME aluminium 3-month Asian Reference Price stood at USD 3157.5 per tonne on February 26.
On the inventory front, LME aluminium opening stock declined to 469550 tonnes on February 26 from 471550 tonnes on February 25, down by 2000 tonnes or 0.42 per cent. Live warrants remained unchanged at 422225 tonnes on both days, while cancelled warrants fell to 45325 tonnes from 47325 tonnes, a decrease of 2000 tonnes or 4.23 per cent.
Meanwhile, the LME alumina Platts price stood at USD 306.97 per tonne.
