The previous trading day, LME aluminium opened at US$2,628 per tonne, hit a high of US$2,765.50 per tonne and a low of US$2,607 per tonne, and closed at US$2,715.5 per tonne, up US$89 per tonne or 3.39 per cent.
On Tuesday, May 21, both LME aluminium cash bid price and LME aluminium official settlement price soared by US$75.50 per tonne or 2.94 per cent and US$77 per tonne or 2.99 per cent to halt at US$2,643 per tonne and US$2,645 per tonne. On a Year-on-year scale, the LME aluminium price has seen a spike of US$383 per tonne or 16.93 per cent from US$2,645 per tonne recorded on May 22, last year.
Aluminium prices surged to a nearly two-year high on Tuesday, marking the largest one-day gain in four months due to concerns about raw material supply and a rally in copper. On the London Metal Exchange, three-month aluminium rose 3.1% to US$2,710.50 per metric tonne, after peaking at US$2,765.50 per tonne.
Marex consultant Edward Meir noted that aluminium often lags behind copper in base metal rallies but eventually attracts investment. Supply concerns were heightened after Rio Tinto declared force majeure on alumina exports from Queensland, Australia. Additionally, on-warrant aluminium stocks in LME-registered warehouses dropped to a two-week low, further supporting prices.
As per the London Metal Exchange price graph, both 3-month bid price and 3-month offer price ascended by US$81.50 per tonne or 3.11 per cent to anchor at US$2,703.50 per tonne and US$2,704 per tonne, respectively.
The December 25 bid price and December 25 offer price escalated by US$77 per tonne or 2.8 per cent to reach US$2,815 per tonne and US$2,820 per tonne.
LME aluminium opening stock came in at 1092300 tonnes, with a loss of 0.04 per cent. Live warrants and Cancelled warrants arrived at 556100 tonnes and 536200 tonnes. LME aluminium 3-month Asian Reference Price surged by US$5.42 per tonne or 0.2 per cent to officiate at US$2,636.90 per tonne.
