LIVE FUTURES REPORT 08/10: LME aluminium price tops $1,800 amid Port Klang concerns

The three-month aluminium price on the London Metal Exchange was the standout performer at the close of trading on Thursday October 8, breaching nearby resistance levels amid growing concerns over instability at Malaysian commodities hub Port Klang, while the metal’s forward curve continued to shrink into the afternoon.

Aluminium’s outright price on the LME closed at $1,804 per tonne on Thursday afternoon, up from an intraday low of $1,783.50 per tonne and closing above the nearby resistance level for the first time since September 14.
Turnover for LME aluminium was moderately average over the day, at just over 11,000 lots exchanged by the close.

While LME open interest in aluminium climbed by more than 6,000 positions overnight to a total of 927,540 total positions, the current figure was down from...


Hassan Butt

October 08, 2020

17:30 GMT