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MARKET TALK: LME Aluminum May Move Up On Base Metal Gains

Thursday, Apr 12, 2007
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LME aluminum likely to move higher if copper, other base metals add to today's gains in Asia once London trade begins, but heavy selling should limit upside, says trader at major Japan house. Notes as aluminum physical market to be in surplus in 2007, LME stocks at healthy levels, any rallies above $2,900 being met with producer sales. But at moment, bullish tone in base metal complex prompting funds to buy aluminum, as it hasn't been swept up yet in the recent rally in base metal prices. LME 3-month aluminum +$14 on London PM kerb at $2,871/ton.

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