| LME Aluminium Evening Evaluations, Sep 03 (Aug 31 in brackets) | ||||||
| Cash | C-Sep | Sep-Oct | Oct-Nov | Nov-3m | C-3m | 3m |
| 2420.50 | 8.50 | 19.50 | 22.75 | 6.75 | 57.50 | 2478.00 |
| (2487.25) | (10.00) | (19.50) | (22.50) | (4.75) | (56.75) | (2544.00) |
| Forward Averages | Sep 03 | Aug 31 |
| Outright 2008 | 2540.00 | 2603.33 |
| Outright 2009 | 2542.79 | 2584.50 |
| Outright 2010 | 2484.63 | 2490.00 |
| Outright 2011 | 2399.96 | 2389.17 |
| Outright 2012 | 2327.50 | - |
Monday was a lacklustre day across the LME and elsewhere, with US markets closed for Labor Day. Aluminium was the morning's most active contract, being sold down by proprietary traders after LME stocks rose a net 12,900t, with an unusual 13,100t deposited in Liverpool. Before we signed off yesterday prices slid from 2550 to 2506 on modest turnover and the entire afternoon was spent sub-2500, bottoming at 2475 at close of business.
The nearby contango lengthened marginally despite the loss of a long weekend past Cash. Beyond 3-months 2009 lost most ground, slumping by up to $5.50/mth in the second half. An update on the LME's WC warrant banding report was unavailable at time of writing, with yesterday's missive containing one party in the 30-40% band.
Trade remained sluggish on Tuesday morning and prices were subdued with LME stocks boosted by another net 7,200t. At time of writing prices had ticked up to 2493 in overnight dealing, though before the inventory figures were published the market had come off to current lows of 2465, volumes remaining light. According to technicians Cliff Green Consultancy, aluminium's key support c. 2400 was likely to be "strongly challenged" in the days ahead, with medium to longer term trends staying 'rather flat'.
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