The LME complex closed the week on a steadier note, though aluminium's performance remained rather lacklustre compared with some of its peers. As we signed off Friday the market had hovered in the premarket c. 2716-2735, though later prices picked up after lower-than-expected US inflation figures gave equities and other securities a boost. Values peaked in the pm sessions at 2751 before slipping somewhat in the aftermarket.
Nearby spreads were materially unchanged, as were the forwards and the LME's (clear) WC warrant banding report.
On Monday morning aluminium edged higher towards initial technical resistance, with a high so far of 2660, albeit in thin trading. The strike at Aluar had ended over the weekend and a strike at KAP in Montenegro lasted only a day, though with copper higher on supply-side tensions, the dollar/euro pulling lower and LME stocks slipping 4,000t, the market was holding steady. Technically, Cliff Green Consultancy suggested that last week's hold at 2660 could spark a test of resistance at 2760/70 and 'possibly' 2830/40 in the days ahead. Last at 2747 on 1,100 lots.
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