Nickel bucked the trend across the LME complex on Thursday, posting its first net gain in a while as slowing downward momentum triggered short-side profit-taking, though the rest of the metals all fell. Aluminium remained one of the quieter ones, slipping a tad lower within the well established range on a firmer dollar and fears of heavy losses on Wall Street stemming from sub-prime mortgage loans. The light metal spent most of the session in the premarket’s range of 2740-2710, though as the whole complex wilted late on, values bottomed at 2702 in the pm kerb.
Locals noted forward lending and rates did soften by $0.50-$1.00/mth in 2008, 2009 and 2010. However, the standout was Apr-May’08, which jumped from 5.00b to 10.00b, while May-Jun’08 also tightened, from 8.00b to 10.00b. Two dominant position holders continued to occupy the 30-40% bracket of the LME’s WC warrant banding report in this morning’s update.
LME turnover so far on Friday morning was nothing more than pathetic, with aluminium having clocked up a mere 350 lots of outright trades via Select. At time of writing prices ranged between 2706-2720, with the dollar slackening against the euro, climbing against the yen, while LME/SHFE stock movements were uninspiring.
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