LIVE FUTURES REPORT 28/08: LME base metals tick higher on weaker dollar; aluminium up 1.8%

Base metals prices on the London Metal Exchange were broadly higher at the close of trading on Tuesday August 28, lifted by continued stock drawdowns and increased trade optimism over renewed terms in the North American Free Trade Area (Nafta) agreement.

Aluminium’s three-month price climbed by 1.8% over the afternoon and pushed above £2,100 per tonne to reach its highest value since August 9.
“Aluminium has been the subject of severe broad-based selling in the commodity sector amid continuing trade tensions, geopolitical instability in the Middle East that shook investors’ risk appetite, and the strong dollar which has weakened commodity currencies and reduced appetite for the base metals,” Metal Bulletin analyst Andy Farida said in his monthly Aluminium Spotlight report.

“The light metal market remains vulnerable in the short term but, with most of the bearish elements already...

Published

Hassan Butt

August 28, 2018

18:02 GMT

London