After a month-long relentless decline, LME aluminium cash bid price and LME aluminium official settlement price gained US$89 per tonne and US$90.50 per tonne, respectively, on July 31. The prices thus stood at US$2,250 per tonne and US$2,252 per tonne, buoyed by increased market liquidity after China lowered its deposit rates and Canada’s rate cut met expectations. To boost market confidence further, China has made some more systematic arrangements.
On the same day, 3-month bid price and 3-month offer price also increased by US$70.50 per tonne and US$72 per tonne to clock at US$2,295 per tonne and US$2,297 per tonne. December-25 bid price and December-25 offer price climbed up by US$68 per tonne to settle at US$2,455 per tonne and US$2,460 per tonne.
LME aluminium opening stock dipped 3,500 tonnes, totalling 933,125 tonnes. Live Warrants and Cancelled Warrants amounted to 359,250 tonnes and 573,875 tonnes, respectively.
LME aluminium 3-month Asia Reference Price grew by US$20.58 per tonne to rest at US$2,259.60 per tonne.
