The light metal’s volumes recorded over 30,000 lots throughout the week, despite the price dropping 1.7% at the close of trading today.
“Aluminium prices continue to push higher while the market scrambles to assess the impact of US sanctions on Rusal,” James Moore, analyst at Metal Bulletin said.
“Overbought chart indicators and the risk of further significant stocks flows returning on-warrant may slow the ascent, but price risks remain skewed to the upside for the time being with prices poised to set fresh multi-year highs,” he added.
The metal’s cash/three-month spread reached $56 per tonne backwardation on Thursday, moving to $7b at the close of trading.
Aluminium received a considerable delivery on Thursday exceeding...