LIVE FUTURES REPORT 09/05: LME Al trades down amid 23kt cancelation; Zn continues slide

Aluminium’s three-month price on the London Metal Exchange continued its downtrend during morning trading on Thursday May 9, drifting further away from its nearby $1,800-per-tonne support level amid a fresh cancelation of 23,000 tonnes.

Aluminium futures are now trading at their lowest level since January 2017 at an intraday low of $1,784 per tonne. This month, more than 170,000 tonnes of aluminium has been delivered into LME-listed warehouses across Asia, prompting a 3% downturn in the light metal’s three-month price. Correspondingly, the tightness in the metal’s nearby spreads has also eased after the flurry of inflows, with aluminium’s cash/three-month spread recently trading in a contango of $31.50 per tonne. The nearby cash/May spreads have also improved and are now trading in a contango of $1.35...


Hassan Butt

May 09, 2019

10:05 GMT