MARKET TALK: LME Aluminum Sellers Hover In Background

LME aluminum is sitting just above the 100-day moving average at $2,793/ton, which is giving it good support from technical short covering, but producer sellers will likely cap any further upside, a London trader says. A move up through the $2,90/ton level will likely see sellers move in, he notes. Nearby aluminum spreads, however, "look a good investment in the short-term, now that we are through the index rolls and the short covering bug seems to be spreading." LME aluminum trades at $2,796/ton, steady from Friday.