Tuesday brought a lacklustre session across the LME, at the end of which aluminium ended flat c. 2710 after visiting lows of 2670 on weaker-than-expected US durable goods and consumer confidence data. The dollar slipped too as a result, though not sufficiently to drive commodities prices higher. Locals noted decent amounts of consumer buying at the lower numbers, though on the whole there was little to write home about.
Nearby spreads eased somewhat further, with Dec20-27 rated Level (0.50b) and Dec27-Jan17 at 9.00c (7.50c). Beyond 3-months movement in 2007 was mixed with the backwardation slightly better bid overall, while 2008 was slacker and 2009 steadier by up to $1.00/mth.
Activity so far on Wednesday morning was dull. Aluminium had reopened at 2704 and traded between 2702-2718 on less than 900 premarket lots. Technical resistance remained c. 2740 according to Cliff Green Consultancy, which remained a lurking seller on signs of failure to break up.
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