The LME complex looked decidedly queasy on Wednesday after the roller-coaster action of the previous days, taking a few deep breaths ahead of either composing itself or throwing up once more. Aluminium had a choppy day in thin volume, trading from 2700 to 2655, briefly, with consumer support at lower levels countered by long liquidation at the upper end. In the end, it was near-term profit-taking from short CTAs and proprietary traders that pushed values to an afternoon high of 2708 before slipping back at the close.
Nearby spreads were little-changed, whole forwards slipped by up to $5.00/mth in H1 2007 and by $2.00/mth in 2008.
Volumes thinned even further on Thursday with trading in Asia resuming unchanged c. 2696 and after a brief dip to 2672 on no more than 50 lots via Select, values rebounded to opening levels. In their latest daily report Cliff Green Consultancy put local resistance at the 10-day moving average at 2740 with nearby support seen down to Monday's lows. Volume at time of writing stood at a poor 613 lots, last at 2687.
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