LIVE FUTURES 08/09: Aluminium breaks past 2011 high, copper falls to $9,200/t

The three-month aluminium price on the London Metal Exchange continued its uptrend during Wednesday's trading, rising by 1.3% to $2,794 per tonne from $2,757 per tonne at Tuesday's 5pm close after 16,900 lots were traded.

Prior to closing at 5pm, the aluminium three-month contract reached an intraday high of $2,810 per tonne, exceeding the previous 2011 high of $2,803 per tonne.
"Once it [the aluminium three-month price] clears its way above the 2011 high, there is very little overhead resistance to hold the price down, opening the window to target the all-time record high of $3,380 per tonne," Fastmarkets analyst Andy Farida said.

Bullish fundamental dynamics, including falling global inventories, China supply worries amid power-rationing and strong physical premiums have...

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