LME aluminum failing to overcome upper end of 6-month trading range despite copper's strength; increasing aluminum cash-to-3-month contango to $50 from $15 suggest resistance will prevail, followed by lower prices, says Harbor Intelligence. "We continue to expect more range-trading during this month and prices to remain trading inside the six-month-old range of $2,550-$2,875," report says. Upside risk from high copper prices, moves by significant aluminum long position holder with LME data showing one market participant holding between 50%-80% of LME warrants. Says prices could go as high as $3,000-$3,200. LME aluminum trades at $2,870, down $3 vs Tuesday PM kerb.
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