MARKET TALK: LME Aluminum Back Gyrates Amid Mkt Tightness

The backwardation in the nearby aluminum market continues to gyrate wildly, a broker says, as a player or consortium of players continues to hold 40% or more of LME positions open on the Jan 17 prompt date. "Personally, I think the back will stay for a week and then wither back to nearby contango," the broker adds. Tomorrow-next aluminum is showing around $5 to $3 a metric ton back, with LME aluminum trading last at $2,683/ton.