Aluminium became a passenger on Thursday afternoon as copper and zinc were singled out for some sudden buy-side interest, backed by ongoing strike action in Peru and a positive set of US economic indicators. There were hints of index-fund buying from some quarters, while others attributed their rallies to short-covering once again. In the event, the light metal didn't run too far, finding itself restrained around 2850, where the market had been capped all week.
Interim spreads within C-3m remained linear -- with the loss of a long weekend's worth of contango – while forward rates were a tad steadier to the end of 2009 and somewhat slacker after that.
In thin trading this morning aluminium slumped back to 2818, whereabouts it had also found support in recent days, doing little to enthuse traders. Volumes stood at a fairly poor 1,300 lots. Last at 2825, hoping for more interesting developments next week – we're back on Tuesday.
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