Falling 2.4% over the afternoon, three-month aluminium prices fell to an intraday low of $2,044 per tonne after making an approach back toward $2,100 per tonne at Monday’s close.
While market participants await a resolution on sanctions against Russian aluminium producer Rusal, a sizeable drawdown in LME inventory – total on-warrant material remains at a 10-year low – and supply-side disruptions at key alumina refineries are keeping aluminium prices firm.
Elsewhere, nickel’s three-month price traded at its lowest point in nine months over the afternoon, hitting a low of $12,165 per tonne.
"People have become more realistic about the nickel price. The global economy is doing very well, but the outlook might not be as positive, with so many different signals around the world. That’s the reason we see three-month price the way it is," a European...