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February 2018 | Aluminium Weekly Market Tracker


Aluminium prices slumped last week: Market Summary and Analysis


Given its deteriorating technical configuration, latest COT data showed that LME money managers cut their net long fund position (NLFP) in aluminium for the second week running.

Aluminium prices slumped last week Aluminium prices slumped last week after China boosted exports, and LME inventory rose by the most in almost four years last Friday, raising fears that supply may have been more abundant than previously expected. The weekly average LME aluminium cash price was $2,177.9/tonne last week, down 2.3% from the previous week’s $2,230.2/tonne. LME money managers cutting net length Given its deteriorating technical configuration, latest COT data showed that LME money managers cut their net long fund position (NLFP) in aluminium for the second week running. This was the result of stale long liquidation of 1,948 lots, which was reinforced by fresh selling of 3,202 lots in the run up to February 2. As sentiment has since turned less bullish and prices have fallen further, long liquidation and short selling is likely to have continued. Alcoa’s Warrick smelter to restart 2nd potline According to a local...

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