The base metals complex ended lower on Friday, though not much lower, after sustaining heavy losses the previous day. In the case of aluminium the market found support at lower levels, with large speculative short positions generating short-covering interest as profits were taken. From an early high in Asia prices slid from 2615 to 2570 before we signed off last and the market held there as the day progressed. An end-of-week bounce in precious metals and elsewhere saw prices regain 2600 before the closing bell.
Nearby spreads narrowed very marginally to Sep19, while two-way forward movement was limited to $0.50-$1.00/mth here and there. The only notable change beyond 3-months was a fall of $2.50-$3.00/mth in 2012. The
LME’s WC warrant banding report was still clear of holdings.
Trading on Monday resumed c. 2595 and over the course of the premarket prices lifted to 2620, with more than 2,000 lots changing hands across
LME Select. Markets generally appeared to be taking stock after confidence was shaken badly last week, while copper led the base complex higher on reports of further unrest in Mexico and flagging fresh warrantings.
Technically medium/long term trends remained ‘rather flat, wrote Cliff Green Consultancy in a daily report. However, with key support at 2540/50 being approached, the trading strategists looked to probe the short side on corrective bounces, with a downward breaking pointing to falls towards 2400…
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