Aluminium: Base building

Price consolidating, helped by dollar remaining under pressure
Although little progress was made in resolving rising trade uncertainties at the G20 meeting over the weekend, the US dollar remains under modest pressure at the start of this week after US President Donald Trump criticized the Federal Reserve for raising interest rates and accused other central banks of manipulating their currencies lower. This is helping base metal prices to consolidate somewhat after their recent slump, with LME aluminium seemingly building a base above $2,000 per tonne, having seen the cash price average $2,040 per tonne last week, down 1.9% from the previous week.

Large LME backwardation still in place, but soon to ease

The large backwardation...