As we went to press on Thursday the whole metals complex was being pressured by a rising dollar, which set the tone for the day. Aluminium had initially traded to a high of 2848, though support c. 2810 was again in sight by the end of the morning session and by mid-afternoon the market bottomed at 2798. A flood of Chinese aluminium products was expected before a Chinese export tax break was reduced or removed, which helped to dampen spirits somewhat, though mostly it was copper that pulled the rest of the complex lower. Talks to avert a national strike in Peru and increased (copper) production reported from Chile for March had longs lightening the load. In the end aluminium finished the pm kerb right on the 30-day moving average with some solid buying coming in at the session's close.
Movement in nearby spreads was minimal, save for a weekend rolling past Cash, while forwards too were little-changed overall with $0.50/mth movement in places. The LME's WC warrant banding report was this morning clear of any ‘dominant' holdings for the first time in some months.
LME Select recorded its opening trade at 2812 on Friday, with a range so far of 2800-2827. Copper remained under pressure and helped to restrain aluminium values after SHFE stocks dropped a reported 20,542t on the week -- or by a third -- on the heels of last week's 16,000t draw into a buoyant local market. The market remained entrenched within the confines of a 9-month range, wrote Cliff Green Consultancy, with a break above resistance at 2910 required to set up tests of 2960/70, while local support was now put at 2790/2800. Last at 2825, volumes at a modest 1,700 lots.
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