June 2009 | Base Metals
Japanese premiums surge: Aluminium - Market Analysis
Aluminium prices have stayed high due to strong Chinese demand tightness physical tightness, but we think prices are likely to retrace.
After dramatically surging some $130/tonne to above $1,600/tonne in just two trading days, the rally in three-month LME prices consolidated level of above $1,670 for the remainder of last week. But the inevitable pullback has still left prices in a relatively strong position, so far. The official price was fixed yesterday at $1,623/tonne, still higher than before the price jump and at December 2008 levels. Stock picture turning tighterCancelled warrants saw significant growth over the week, gaining 18,075 to hit 127,775 on Thursday, or a jump from 1.9% to 3.0% on Thursday. This has led to significant market tightness as restocking is attempted...
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