LIVE FUTURES REPORT 04/11: High turnover bolsters LME aluminium price surge; nickel falls 2.7%

The London Metal Exchange three-month aluminium price closed at $1,815 per tonne on Monday November 4, its highest price since September following 13-month-high daily trading volumes.

More than 23,350 lots of aluminium were traded by the close on Monday – the most since October 2018. Supporting higher price action, LME aluminium stocks remain on a downtrend after edging higher in early-October, with on-warrant material now at 788,475 tonnes - their lowest level since October 9. Meanwhile, forward spreads in aluminium continued to narrow over the afternoon. The light metal’s benchmark cash/three-month spread was recently trading in a $6.25 per tonne backwardation, from $4.75 per tonne this morning. “We maintain our view that LME aluminium’s improved technical configuration has allowed it to edge higher from...


Hassan Butt

November 04, 2019

17:48 GMT