LIVE FUTURES REPORT 06/01: LME Al price hits 6-mth high despite 30kt rewarranting; C/3M widens

The three-month aluminium price on the London Metal Exchange led gains at the close of trading on Monday January 6, closing firmly above the $1,800-per-tonne support level despite just under 30,000 tonnes of rewarranting this morning, while the light metal's forward spreads widened over the day.

Aluminium’s outright price on the LME closed at $1,833 per tonne, topping daily gains across the complex and closing at its highest level since July 2019 while turnover led the complex with more than 15,200 lots exchanged by the close.  This morning’s inflow placed some 30,000 tonnes of aluminium back on-warrant in LME-registered warehouses in Gwangyang, taking total deliverable material in the region to 51,225 tonnes.  Despite this, the light metal’s underlying price climbed from an intraday low of $1,809.50 per tonne, closing just...


Hassan Butt

January 06, 2020

17:54 GMT