Aluminium was the laggard of the LME pack on Tuesday, as copper and zinc both saw short-covering rallies from systematic CTAs after they had picked up on price-positive news the previous day. The premarket traded mostly sideways c. 2640-50, picking up as the ring sessions got underway. Prices ran as far as 2695 in the afternoon when producers sat on the market, selling forward into the budding rally. Outright volumes were low as values then drifted off towards 2670 in the closing stages.
The C-3m spread was little-changed with Dec-Jan static, while an easing contango in Jan-3m was offset by two trading days rolling past prompt and a $0.50 backwardation in the last 8 days (Feb13-21). Forward selling into H2 2007 saw rates there tighten by $2.50/mth, while after that spreads firmed by $0.50-$1.50/mth up to the end of 2010.
Wednesday morning saw the market push on up through the 10-day moving average c. 2691, to a high of 2708 currently. Most of the action was elsewhere, though with the Thanksgiving holiday approaching it looked like nervous shorts were covering, along with the systematics. Still sidelined were Cliff Green Consultancy in a report last night, looking for initial resistance now starting at 2720 with a break through 2740 capable of triggering moves towards the 2800 region. Last at 2697, we’re back on Monday.
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