The three-month aluminium price closed above $2,200 per tonne for the first time since the first trading day of the year. 16,000 tonnes of aluminium was freshly cancelled at LME-listed warehouses this morning, which supported prices.
“Strong Chinese trade figures continue to boost growth expectations and fresh cancellations signal stronger demand. Aluminium prices could look to test towards recent highs,” James Moore, Metal Bulletin analyst said.
“London Metal Exchange aluminium stocks have begun to drift lower again... Fresh cancellations are supportive – 23% of stocks are booked for removal, up from 19.3% on December 20,” he added.
Nickel prices were steady throughout...