As tennis fans around the world will know, the weather in London wasn’t exactly summery on Monday with very little play at Wimbledon, though trading on the LME looked very seasonal indeed. In light, scattered trading the light metal was almost overtaken by the heavy one, with lead peaking at 2710 for 3-months. Aluminium stayed just ahead as the whole base complex rallied in the afternoon, having been suppressed in the morning by weak equities and other commodities. From an opening c. 2700 prices fell $25 to 2675, which they visited again in the morning sessions before the whole LME lifted in the afternoon on the back of lead and strike developments in the copper market. The $50-recovery to a pm kerb high of 2724 had many aluminium traders scratching their heads, though with speculators trading heavily from the short side, the move looked technically driven.
Nearby spreads were again unchanged (pro rata), while forward backwardations slackened marginally to the end of 2009, while 2010 gained up to $2.00/mth. One long remained in the 30-40% bracket of the LME’s WC warrant banding listings.
Trading remained lacklustre on Tuesday morning, though aluminium and lead both edged higher on follow-through buying, with the latter actually above the former at time of writing. The light metal had picked up from 2707 to 2728 on unconvincing volume via Select of only 1,200 lots. Having held support c. 2660 a bounce towards resistance c. 2760/70 was now likely, Cliff Green Consultancy had written in a report last night. Only a clear and sustained break above there would relieve the current downward pressure, they added.
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