Trading throughout the LME and other markets remained skittish on Tuesday, with prices whipsawing around in sporadic bouts of high, then low volumes. As we signed off in yesterday's premarket aluminium had picked up from 2707 to 2728, which turned out to be close to the top of the day (2730), as a weak set of US macroeconomic readings sank the whole metals complex in the afternoon. Soft new home sales for May and falling US consumer confidence set the tone for precious metals, as slowing economic growth eased inflationary pressure and therefore interest rate fears, setting the skids under base metals. Lead's bull carriage turned into a pumpkin with the market crashing $140 in 30 minutes, while aluminium's slide was more gradual as it pulled back to 2700 in the pm kerb and on to 2685 in the aftermarket.
Nearby spreads were unchanged, while forwards were fractionally steadier in the front end of the curve and weaker in the latter half. No update on the LME's WC warrant banding listings was available at time of writing.
Trading so far on Wednesday morning was dire, with a mere 446 lots changing hands across Select so far within a $10-range either side of 2690. Cliff Green Consultancy pegged the immediate trading range at 2765-2665 with a decisive move outside there required to generate fresh momentum one way or the other. Summer is here, it would appear.
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