Climbing 1.6% throughout the afternoon, the three-month aluminium price topped complex gains, closing above $2,100 per tonne for the first time since August 31, with total on-warrant LME material at 608,050 tonnes, its lowest since 2007.
“Falling stock and uncertainty on Rusal remain a key factor [in aluminium], with a lot of market players continuing to source substitutes for sanctioned material. With the US potentially adding further weight to sanctions through the Defending American Security from Kremlin Aggression Act (DASKA), that uncertainty could persist,” an LME floor trader told Fastmarkets.
“For fund buying to really take effect, I think prices would need to push past the $2,150-per-tonne mark,” he added.
Elsewhere, the three-month lead price gained 1.4% over...