February 2018 | Aluminium Weekly Market Tracker
LME aluminium prices up 3.3% last week: Market Summary and Analysis
The benchmark LME cash/three-month spread in aluminium at the start of last week hit backwardation levels not seen since before the Global Financial Crisis, which is a landmark event but not necessarily a signal of a major shift in market dynamics
LME aluminium prices up 3.3% last week The weekly average LME aluminium cash price was $2219.8 per tonne last week, up 3.3% from previous week’s $2148.9 per tonne, as the market remained on a stronger footing following the recommendation of US aluminium import tariffs by the Department of Commerce. But, overall, prices still retreated somewhat over the course of the week. Cash/3m spread at its widest in last decade The benchmark LME cash/three-month spread in aluminium at the start of last week hit backwardation levels not seen since before the Global Financial Crisis, which is a landmark event but not necessarily a signal of a major shift in market dynamics. The nearby cash/three-month spread in aluminium tightened towards $50 per tonne last Monday and triggered a flow of metal into LME-approved warehouses. Century Aluminum to bring back capacity There is still some time before President Trump needs to make a...
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