The last day of the trading week was a damp squib in the end, with aluminium faltering after making the long-awaited close above 2860 the previous day. Thursday had seen a number of signals suggesting that a fresh bull play was in motion, though Friday's (modest) stock increases on the LME and SHFE together with a firmer dollar seemed to snuff out fresh interest. As copper fell away to 6-month lows, the light metal slumped from a morning high at 2863 to an aftermarket low of 2785.
Perhaps more significant was that nearby tightness remained intact during the fall and was yet so at time of writing on Monday. The dominant long also stayed at 50-80%. The forwards also held fast with H1 2007 actually tightening by $2.00/mth on evaluation, as the second half slipped by a similar margin. Beyond there rates were $0.50/mth weaker typically.
On Monday morning copper had recovered somewhat after strike news from Chile and aluminium had spent a dull premarket between 2790 and 2807, on a dismal turnover of 700 lots. Technically Cliff Green Consultancy wrote as at Friday's close that while short-term trends remained 'up', last week's gains looked "unconvincing" and the trading strategists were standing aside, waiting for a "directional signal". Last at 2804.
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