On Friday, August 9, both LME aluminium cash bid price and LME aluminium official settlement price skyrocketed by US$58.5 per tonne or 2.65 per cent to settle at US$2,262.50 per tonne and US$2,263 per tonne.
LME aluminium 3-month bid price and 3-month offer price surged by US$60 per tonne or 2.65 per cent and US$58.5 per tonne or 2.58 per cent to dock at US$2,318 per tonne and US$2,318.50 per tonne.
December 25 bid price and December 25 offer price hiked by US$55 per tonne or 2.27 per cent to peg at US$2,468 per tonne and US$2,473 per tonne. LME aluminium opening stock came in at 907450 tonnes. Live warrants and Cancelled warrants stood at 354800 tonnes and 552650 tonnes.
LME aluminium 3-month Asian Reference Price added US$16.55 per tonne or 0.72 per cent to settle at US$2,293.11 per tonne.
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Fundamental weakness makes it difficult to sustain upward momentum in aluminium prices; short-term price correction observed
