Friday's dull premarket aluminium performance was the precursor of a dreary day, as it turned out, with lead making new gains and nickel holding its own while the rest languished in low turnover. Before we signed off prices had ranged between 2706-2720 on a mere 350 lots and only late in the pm sessions did the market move outside there, tumbling to 2695 in the kerb and to 2692 in the aftermarket. Germany's Ifo index had underwhelmed traders earlier, while copper fell back on a wage settlement at Codelco.
Nearby spreads were unchanged, while forward movement was only marginal and mixed. Two longs remained in the LME's WC warrant banding listings.
On Monday morning trading resumed at 2698, though the market quickly fell away along with copper on the back of weaker stock markets and precious metals, while the red metal's LME inventory also rose. Aluminium fell $20 in the first hour of trading in London, to a low so far of 2675, though at time of writing prices were finding technical support there, recovering to 2688 presently. Volumes were better, though trades via Select were yet to reach 1,500 lots at time of writing. A clear and sustained fall below 2660 would set up a return to the 2610 region, wrote Cliff Green Consultancy in a daily report, with better demand anticipated down at 2550/60.
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