As we signed off Thursday aluminium was under pressure as the whole metals complex looked in peril ahead of the Christmas break. However, support c. 2750 held intact and in a classic bout of pre-holiday book-squaring prices steadied at the end of the day, picking up to opening levels in the closing stages.
With 5 trading days rolling out of C-Jan, the period tightened by $2.00, while the backwardation in Jan17-29 tightened to 15.00b (13.00b). Jan29-Feb21 eased to 2.00c (Lvl). Forward spreads ended generally steadier by $0.50-$1.00/mth, though H2 2008 lost $2.50-$3.00/mth.
On Friday morning, the last day of trading had so far seen premarket volume of no more than 1,000 lots, though prices were climbing as shorts continued to square up positions. As we signed off our last report of the year the market had shot up to Cliff Green Consultancy's immediate resistance level of 2810/20, with a high of 2815 currently. The trading strategists had advocated probing the short side on a 'corrective bounce', though whether this was one of those only time would tell…
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