LIVE FUTURES REPORT 19/03: LME aluminium price up 1.3% despite rewarranting

Aluminium’s three-month price on the London Metal Exchange rose by more than 1% at the close of trading on Tuesday March 19, with a large rewarranting of just under 100,000 tonnes doing little to curb an upswing that saw the metal’s price close at a three-month high of $1,946 per tonne.

Total volumes traded in aluminium topped the complex, with more than 18,000 lots changing hands by the close, the highest since March 4. LME data now shows one dominant warrant holding position across 30-39% of cash positions. Meanwhile, open interest in aluminium has waned slightly through March, falling to around 886,600 open positions today from 927,000 positions a month ago. That said, risk-appetite for base metals has picked up, with strong buying in zinc leading to a 7% climb in that metal’s price in the month to...

Published

Hassan Butt

March 19, 2019

18:00 GMT

London