As we signed off on Wednesday aluminium had traded in a narrow $20-range and in a dull session prices stayed trapped for the rest of the day. Lead was the LME complex’ only gainer, while endemic pessimism suppressed the others, though the light metal was underpinned by a reported raid on the LME’s stocks in Trieste.
Nearby contangos lengthened throughout, while forward backwardations were marginally easier in 2008, up to $2.00/mth steadier in 2009 and weaker again in 2011. One party remained at 30-40% in the LME’s warrant banding report.
On Thursday morning there was no repeat of yesterday’s warrants cancellations and movement of stocks was routine. At time of writing only 1,000 lots had changed hands and while the first few hours of trading had been in a $10-range, though just as we signed off values had lifted to 2780 currently.
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