After diving lower on Thursday and meeting solid support around the 100-day moving average, aluminium started Friday slowly. As we signed off the market was subdued and volumes were low with prices trading either side of 2820, while copper remained under pressure from rising Chinese stocks and new monetary policy aimed at slowing economic growth. Aluminium continued in this vein until the US rejoined in the afternoon, when the first reported increase in the University of Michigan consumer sentiment for four months sparked a rally from 2830 to 2864. The move was short-lived however with values trading c. 2838 as dealers shut shop for the weekend.
Nearby contangos narrowed throughout while remaining linear, while forward backwardations accrued $0.50-$1.00/mth to the end of 2010.
Trading remained rather dull on Monday morning with prices picking up from 2841 to a high of 2860, though on turnover so far of only 507 lots while copper was also flatlining in the premarket. The 2930-2770 range was clear on the chart above and while Cliff Green Consultancy suggested that pivotal support down there could come under further examination, they remained aside for as long as prices were trapped.
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