MARKET TALK: LME Aluminum Finds Support From A Short Mkt

LME aluminum continues to be supported by a large short position equating to around 90% of visibal LME stocks, says a broker. The market is watching for an indication of the extent of the potential squeeze, with the nearby spreads trading in a backwardation of around $75/ton, he says. This has eased from $120/ton Monday. LME three-month aluminum trades last at $2,700/ton, up 2% from Wednesday's low.