LME 3-month aluminum last at $2,731.75/ton, +$2.75 vs London PM kerb in quiet trade; short-squeeze by market player holding majority of LME aluminum warranted stock clouding clear picture of price direction, says trader at major Japan house: "we don't know if the price is going up because of the squeeze, or if it is genuinely trying to go up by itself." Expects fresh buying this month as recent U.S. data indicate commodity demand improving though housing market rebound yet to be confirmed, though weak fundamentals mean LME 3-month will struggle to push above $2,800-$2,900. Expects short squeeze to support aluminum above January low of $2,550.
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