LME prices trend lower; almost 100kt of aluminium re-warranted in Asia

Futures contracts on the London Metal Exchange were slightly lower on the morning of Wednesday November 2 compared with closing prices on the previous day, with macroeconomic uncertainties lingering for the complex.

Aluminium's three-month price was down by 1% to $2,636.50 per tonne, from its closing price on Tuesday of $2,664.50 per tonne, a 1.5% increase on the previous day. LME stock data showed a 97,750-tonne re-warranting of aluminium in warehouses in Port Klang, Malaysia.This took the on-warrant levels for the metal to 677,225 tonnes, up by 17.5% from 576,325 tonnes on Tuesday, the lowest level in over a decade. Aluminium's cash-to-three-month spread widened to a $12-per-tonne backwardation on Wednesday morning,...

Published

Ana de Liz

December 02, 2021

11:20 GMT

London