LIVE FUTURES REPORT 29/01: LME aluminium price capped by 26.5kt fresh inflow

Upside potential in the London Metal Exchange three-month aluminium price was capped during morning trading on Wednesday January 29, dampened by a significant 26,525-tonne fresh inflow of material into LME-approved sheds in Port Klang, Malaysia.

This was tempered by a 12,600-tonne outflow at the same time, 12,450 tonnes of which left Asian warehouses, and a further 17,825-tonne fresh cancelation in Singapore. But the light metal’s three-month price was trading down just $2 per tonne on yesterday’s close at $1,750 per tonne this morning in spite of the rebound in LME aluminium stocks. LME aluminium global inventory now stands at 1,256,350 tonnes, down by approximately 15% from 1,487,775 tonnes on December 17, the 2019 high. Nonetheless, trading volumes were solid with 4,676 lots having changed hands by 9.30am, but it remains to be seen whether the previous day’s...

Published

Amy Hinton

January 29, 2020

10:21 GMT

London