MARKET TALK: LME Aluminum Dominant Long Eyes $3,000/Ton

A dominant long position holder still dictates direction for LME aluminum, seen to seek prices towards $3,000/ton level, says Standard Bank. This particularly with a view to large volume call options within close proximity. Market also draws support from possible supply disruptions in Guinea, power issues in South Africa but it's mostly the dominant long providing direction in outright prices and the spreads. Cash-to-3 months still around $113/ton. "It looks likely that current push is likely to carry on towards March with $3,000 the immediate target although previous post May 2006 attempts to drive the market beyond this level have had limited success," Standard Bank says. LME 3-month aluminum trades at $2,790, down $4 on the Friday PM kerb.