LIVE FUTURES REPORT 23/01: LME aluminium price dips below $1,800/t on rewarranting; copper sinks below $6,100/t

The three-month aluminium price on the London Metal Exchange dipped below nearby support levels during morning trading on Thursday January 23 on a rewarranting of 68,875 tonnes, while copper’s price struggles continued.

Aluminium’s outright price on the LME was recently at $1,797 per tonne, 0.7% below Wednesday’s closing price of $1,811 per tonne and sinking below the key threshold.

Turnover in aluminium was high over the morning with more than 4,000 lots exchanged as of 9:15am London time.

This morning, 32,000 tonnes of primary aluminium was placed back on-warrant in LME-registered warehouses in Johor, and another 36,875 tonnes in Port Klang.

The rewarrantings come amid fresh concerns over the build-up of queues for the removal of primary aluminium at LME warehouses in Southeast Asia, particularly those run by warehouse company Istim in...

Published

Hassan Butt

January 23, 2020

10:17 GMT

London