Wednesday was again an uninspiring day for the base metals complex and while other markets seemed buoyant, this one just didn't want to know. Lead, copper and zinc all suffered losses, though aluminium, along with nickel, fared better, finding support as prices drifted, though without making any upward headway. The light metal explored a 2825-2794 range, held up by fears surrounding the ever-present dominant long near Cash and potential fireworks next week, though stymied by a steadier dollar.
More jiggery-pokery in the nearby spreads saw the front half of C-3m ease rather, with the Dec20-28 portion now Level (3.00b), while the latter part flexed deeper into (linear) backwardation. Forward valuations were rated fractionally easier throughout, though closing rates would be void in Thursday's premarket…
Prices rocketed on Thursday morning, as aluminium led the rest of the complex higher. Select notched its opening trade at 2799 and saw light consumer buying in the Asian timezone, though only once London got going did things begin to move. Stocks fell again and while industry talk was of new production coming on and of alumina prices 'crashing', the market ripped to a high of 2868 currently. The move looked a concerted effort to break 2860, though at time of writing that solid layer of producer and technical selling thereabouts had restrained it there, last trading at 2855. As at last night, Cliff Green Consultancy had held shorts with buy-stops placed c. 2850. A "clear and sustained" move above 2860 signalled moves to 2900/20, they added.
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