The London Metal Exchange graph registered slow growth in aluminium prices on April 24, with the LME aluminium cash bid and the LME aluminium official price gaining US$2 per tonne or 0.08 per cent and US$0.50 per tonne or 0.02 per cent to close at US$2,585 per tonne and US$2,585.50 per tonne, respectively. On a Year-on-Year scale, there can be seen a major spike of US$231 per tonne or 9.8 per cent from US$2,585.50 per tonne recorded on April 24, last year.
Recent developments in the global metals market have seen the UK and the US implement sanctions on Russian metals once again, while President Biden's call for a 25% tariff on China's aluminium semis has added to the turbulence. Consequently, the domestic aluminium supply has experienced a notable increase.
However, downstream demand has lagged behind, exerting pressure on inventories and thereby bolstering aluminium prices. This interplay of factors suggests that domestic market prices are likely to fluctuate at elevated levels amidst the ongoing friction in global aluminium trade.
The LME 3-month bid price and the LME 3-month offer price have marked an increase of US$13 per tonne or 0.5 per cent to settle at US$2,598 per tonne and US$2,598.50 per tonne.
The LME 25-December bid price and the 25-December offer price have soared by US$2 per tonne or 0.07 per cent to officiate at US$2,685 per tonne and US$2,690 per tonne.
The opening stock has slumped by 750 tonnes or 0.15 per cent to close at 496,550 tonnes. Live and cancelled stocks parked at 153,250 tonnes and 343,300 tonnes.
The LME Asian reference price has slumped by US$40.54 per tonne or 1.54 per cent to arrive at US$2,587.76 per tonne.
