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...