Aluminum is exiting warehouses tracked by the London Metal Exchange at the fastest pace in a decade, leaving investors with less information about the market and possibly more volatility.
Both the spot and 3-month prices for aluminum fell on the LME Wednesday.
The Indian aluminum cash price experienced the biggest price decline of the day, dropping 1.4% to close at INR 118.70 ($1.87) per kilogram on Wednesday, December 24. On the LME, the aluminum 3-month price fell 1.4% to $1,878 per metric ton. The primary aluminum cash price saw a 1.4% decline on the LME to $1,852 per metric ton.
Chinese aluminum closed mixed on Wednesday. The Chinese aluminum cash price declined 0.4% to CNY 13,050 ($2,097) per metric ton. The price of Chinese aluminum bar fell 0.4% to a 30-day low of CNY 13,060 ($2,098) per metric ton on Wednesday. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat at CNY 12,900 ($2,072) per metric ton. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row, remaining around CNY 13,700 ($2,201) per metric ton.