September 2018 | Aluminium Weekly Market Tracker
LME al prices saw big volatility last week: Market Summary and Analysis
Growing physical tightness in the global aluminium market continues to provide support for prices to edge higher.
LME al prices saw big volatility last week Global risk sentiment improved as trade tensions between the United States and China have already been priced in, and the dollar index was softer too. Both provided tailwinds for the base metals complex. But there are several global risk events that still deserve market attention. Tightness provides support for prices That said, growing physical tightness in the global aluminium market continues to provide support for prices to edge higher. Combined on-exchange inventory levels have declined further, with more metal removed from LME and SHFE sheds last week. As of September 21, SHFE stocks dipped to 842,630 tonnes, a contrast to the May 11 high at 992,023 tonnes. Total LME stocks are near the 2018 low at 1,022,450 tonnes and the healthy contango in the exchange’s cash/three-month spread should support more outflows in the short term. Alumina prices have seen a steep decline...
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