LIVE FUTURES REPORT 08/07: LME aluminium price rallies to three-month high in high-vol trading

The London Metal Exchange three-month aluminium price closed at its highest since March 16 on Wednesday July 8, up 1.8% on the previous day’s close at $1,665 per tonne after 20,000 lots changed hands over the course of the trading day.

LME aluminium futures were buoyed by a 4,975-tonne outflow of material from LME-approved sheds in Asia and a significant 43,525-tonne fresh cancelation in Port Klang, Malaysia at the same time. Some analysts assert that the move can be attributed to short-covering, with positive economic data from China and an increase in automotive production in countries coming out of pandemic lockdowns playing a part. Other LME three-month base metals, with the exception of lead, held slim gains to close up on the previous day’s kerb on Wednesday, still positively underpinned by supply disruptions caused by Covid-19. LME futures have been supported in recent...


Amy Hinton

July 08, 2020

17:43 GMT