June 2009 | Base Metals
Support has been found around $1,600/tonne, for now: Aluminium - Market Analysis
LME stocks continue to rise, but the market is tighter than they suggest and this continues to support prices, for now.
Although down from the year’s high of $1,674/tonne, the three-month LME aluminium price found support around the $1,600/tonne level. The post-surge dip was most likely due to an additional 99,075 tonnes of metal entering LME warehouses from Friday to Wednesday last week putting stocks at a record 4.368m tonnes. This was possibly due to more warehouse-linked financing deals and came after several days of little warehouse movement. However, cancelled warrants have come down from their 3.0% of total stocks peak on June 11 to 2.4% yesterday. But Chinese demand...
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