MARKET TALK: LME Aluminum Down; Dominant Long Halves Position

LME aluminum prices down following dominant long position holder halving warrant Cash position to 40%-50% according to LME warrant banding report, notes Harbor Intelligence. LME cash-to-3-month backwardation moves in to $10/ton from $40. Says odds for dominant hedge fund which has rolled forward position repeatedly to exit market are high before Third Wednesday prompt date, which would push down prices toward 200-day moving average at $2,650. LME 3-month aluminum at $2,775/ton, down $19 on yesterday's PM kerb.