Monday was hardly the most exciting day's trading seen in the aluminium market of late, though prices did end marginally better. As we signed off yesterday prices had dawdled sideways in a 2848-2830 range and later interest picked up as they drifted off to lows of 2825. Locals noted forward (outright) macro fund buying coupled with what was described as “European hand-to-mouth” buying, sending values to highs of 2865 just ahead of the pm kerb close. Global production figures at the start of the session had served to depress the mood, though it was copper's renewed surge through $8000 in the afternoon that inspired the others.
Trade buying was adjusted to dates within the latter part of C-3m, which saw Jun-3m tighten up marginally to 3.00b (2.00c). Reported outright forward buying saw rates a tad easier to end 2008, though they were $0.50 tighter in 2009.
Copper remained the LME complex' inspiration on Tuesday morning as it made further headway above $8000. Oil markets and precious metals were also strong, lending support to the commodities sector generally, with aluminium climbing rapidly on the resumption of trading from 2855 to 2890 currently. So far, the light metal remained in well-trodden territory, with key technical resistances waiting overhead c. 2920, the 2970, according to Cliff Green Consultancy. The trading strategists required a clear break above the latter to signal a positive breakout, they wrote. Last at 2888, volumes at an unremarkable 1,800 lots.
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