The day-on-day movement of +$6 as at closing evaluation time disguised the fact that aluminium spent most of Wednesday in negative territory, with prices trapped in a 2675-95 range for much of the session. Volumes remained on the low side for most of the metals complex and after coming under pressure initially, prices later firmed as strike fears (copper) and talk of further tax measures in China to curb exports (aluminium and lead) outweighed poor US durable goods sales. Prices peaked at 2710 in the aftermarket.
Nearby spreads were again static, forwards were a fraction easier here and there and one party remained present in the 30-40% bracket of the LME’s WC warrant banding report.
Aluminium trading remained dreary on Thursday morning with Select having notched up turnover of no more than 820 during the entire premarket session. Strong copper warrant cancellations and a handful of optimistic commodities forecasts from the managed funds sector gave the rest of the complex a positive hue, so the light metal had picked up from 2706 to 2722 in very quiet conditions. Still mired in the range with the quarter’s end approaching.
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