The three-month lead price did not get caught up in the downfall earlier this week from profit-taking as we approach the end of the year, but closed below $2,500 per tonne today.
Aluminium hit a four month low earlier today when it slumped below $2,000 per tonne. Despite recovering slightly, the metal closed in negative territory.
“Aluminium has meanwhile fallen by nearly 10% as compared with its 5½-year high at the end of October. Speculative financial investors contributed to the price slide,” Commerzbank said in its research note.
“According to LME data, they reduced their net long positions in...