MARKET TALK: LME Aluminum Eyes Dominant Player Data

LME data due later in global day detailing positioning of dominant player will offer better idea if this player intends to exit market, says Harbor Aluminum report. This week dominant player switched Cash position from 80%-90% band to 40%-50% band and back again; cash-to-3-month backwardation dipping to $6 contango yesterday points to player exiting market, which could pressure market toward lower end of $2,550-$2,875/ton range. Data will detail positioning after Third Wednesday prompt day as LME data 2 days in arrears. LME 3-month aluminum last at $2,779, +$1 vs PM kerb.