LIVE FUTURES REPORT 19/02: LME Al price down on low turnover; nickel holds below $13,000/t

The three-month aluminium price on the London Metal Exchange was lower at the close of trading on Wednesday February 15, with daily trading volumes hitting a three-month low against reduced open interest, while nickel failed to test nearby resistance.

Aluminium’s outright price on the LME closed at $1,720 per tonne on Wednesday afternoon, while trading ranges were narrow over the day with the light metal trading in a $13.50-per-tonne range.  Turnover in aluminium was at its lowest since December 11, 2019 with just 7,105 lots exchanged by the close, while total open interest continued its decline over the week, falling from 1,002,375 open positions on Monday, to a current level of 984,743 open positions.  Despite downward price action however, LME aluminium stocks continue to lower after some 15,125 tonnes was removed from LME-registered warehouses in Gwangyang, Johor, Port Klang, Rotterdam...


Hassan Butt

February 19, 2020

18:10 GMT