Key Moments
- LME aluminum cash bid and offer prices declined by 0.59 per cent, with the cash offer settling at USD 3,175 per tonne.
- Three-month and Dec-27 aluminum contracts, as well as the 3-month Asian Reference Price, all moved lower, while alumina prices held steady.
- LME aluminum stocks, Live Warrants, and cancelled warrants all decreased, with cancelled warrants dropping 6.49 per cent.
Broad Softness Across LME Aluminum Pricing
The London Metal Exchange (LME) aluminum complex continued to weaken at the close of the June 24 trading session, with prices declining across all major segments except alumina.
The LME aluminum cash bid and offer both fell by 0.59 per cent day-on-day. The cash bid moved to USD 3,174.5 per tonne on June 24 from USD 3,193.5 per tonne on June 23, while the cash offer slipped to USD 3,175 per tonne from USD 3,194 per tonne.
Three-Month and Longer-Dated Contracts Under Pressure
Price weakness extended along the forward curve. On June 24, the LME aluminum three-month bid and offer each fell 0.68 per cent. The three-month bid declined to USD 3,160 per tonne from USD 3,181.5 per tonne, and the three-month offer decreased to USD 3,160.5 per tonne from USD 3,182 per tonne.
Longer-dated pricing also softened. Both the Dec-27 bid and offer registered a 0.64 per cent decline versus the previous session. The Dec-27 bid closed at USD 3,088 per tonne, down from USD 3,108 per tonne, while the Dec-27 offer eased to USD 3,093 per tonne from USD 3,113 per tonne.
Asian Reference Price and Alumina Segment
The LME aluminum 3-month Asian Reference Price also moved lower. It ended at USD 3,159.5 per tonne on June 24, representing a 0.89 per cent decrease from USD 3,188 per tonne on June 23.
In contrast to the widespread declines in aluminum prices, the LME alumina Platts assessment stayed unchanged at USD 337.16 per tonne on June 24, showing stability in that segment.
Inventory Levels Continue to Decline
LME aluminum inventory data indicated further tightening as of June 24. Opening stocks dropped from 276,775 tonnes to 275,175 tonnes, a 0.58 per cent decline.
Live Warrants also moved lower, falling from 245,900 tonnes to 245,400 tonnes, a 0.2 per cent decrease. Cancelled warrants saw a sharper decline, sliding 6.49 per cent from 29,275 tonnes to 27,375 tonnes.
Aluminum Price and Inventory Snapshot
| Metric | Previous Level | Latest Level | Change (%) |
|---|---|---|---|
| Cash bid (USD/t) | 3,193.5 | 3,174.5 | -0.59 |
| Cash offer (USD/t) | 3,194 | 3,175 | -0.59 |
| 3-month bid (USD/t) | 3,181.5 | 3,160 | -0.68 |
| 3-month offer (USD/t) | 3,182 | 3,160.5 | -0.68 |
| Dec-27 bid (USD/t) | 3,108 | 3,088 | -0.64 |
| Dec-27 offer (USD/t) | 3,113 | 3,093 | -0.64 |
| 3-month Asian Reference Price (USD/t) | 3,188 | 3,159.5 | -0.89 |
| Opening stocks (tonnes) | 276,775 | 275,175 | -0.58 |
| Live Warrants (tonnes) | 245,900 | 245,400 | -0.2 |
| Cancelled warrants (tonnes) | 29,275 | 27,375 | -6.49 |
| LME alumina Platts (USD/t) | 337.16 | 337.16 | 0.00 |
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