MARKET TALK: LME Aluminum Up On Copper Gains, Fund Position

The presence of a dominant hedge fund position in LME aluminum will likely keep pressure on the upside, while the market is also finding support from gains in copper, says HARBOR Intelligence. Prices are headed to test the upper end of the six-month old $2,550 a metric ton to $2,875/ton range, but "will probably be capped there as a result of strong producer selling and the conviction the market is in growing surplus," HARBOR notes. "We continue to see range trading in April," HARBOR adds. LME aluminum is last at $2,850/ton, +3% from Tuesday.