The London Metal Exchange (LME) aluminium prices significantly surged on Wednesday, December 27, as trade resumed after the Christmas break. Three-month aluminium on the London Metal Exchange (LME) climbed 0.8 per cent to $2,345 per tonne in official open-outcry trading after reaching its highest since May 2 at US$2,382 per tonne.
The increase in aluminium prices was attributed to purchases made by Commodity Trade Advisor (CTA) investment funds, which are influenced mainly by computer algorithms, according to a trader. Base metals prices hiked in London on Wednesday, boosted by increases in industrial profit in top metals user China. At the same time, aluminium hit an eight-month high due to technical buying and supply worries.
LME aluminium price
As per the LME aluminium price graph, both Cash bid price and official settlement price expanded by US$59 per tonne or 2.64 per cent to settle at US$2,293 per tonne and US$2,293.50 per tonne. LME aluminium 3-month bid price and 3-month offer price also witnessed an upswing of US$66 per tonne or 2.89 per cent to settle at US$2,345 per tonne and US$2,346 per tonne.
