LIVE FUTURES REPORT 14/09: LME base metals prices consolidate higher; 41kt fresh cancellation fails to drive up aluminium

Three-month base metals prices on the LME consolidated higher in morning trading on Monday September 14, while the fresh cancellation of some 41,325 tonnes failed to push aluminium futures above nearby resistance at $1,800 per tonne.

Aluminium’s outright price on the London Metal Exchange  was recently trading at $1,785.50 per tonne on Monday morning, topping the complex but up by just 0.5% from Friday’s closing price of $1,775 per tonne. Turnover in the light metal was similarly low over the morning, with just over 2,000 lots exchanged as of 10:30am London time.  Despite a general shrinking of the LME aluminium market, the metal’s LME futures price has remained broadly rangebound below the $1,800-per-tonne threshold.  LME open interest for aluminium remains low at a total of 982,229 open positions, but the light metal recorded a climb of more...


Hassan Butt

September 14, 2020

10:24 GMT