Aluminium futures continued to lead the complex in volumes traded over the afternoon, ending the day with more than 17,000 lots changing hands, while the metal’s three-month price rose by 1.6%.
While the light metal’s price action remained limited below $1,900 per tonne, the three-month lead price rallied to close at more than $2,000 per tonne. In December 2018, both aluminium and lead were below the nearby $2,000 per tonne threshold.
More than 37,000 tonnes of material was booked for removal in aluminium stock in the morning of January 22, prompting the metal’s upward move, while total lead stocks were at their lowest in a decade at less than 100,000 tonnes, with the total on-warrant volume around 50% of LME inventory.
In nickel, despite a...