London Metal Exchange prices ended broadly lower on the afternoon of Monday October 18 after rising to new highs during the trading day, while copper spread backwardations reached previously unseen figures.
Aluminium's three-month price, for example, reached a new year-to-date peak of $3,229 per tonne during the day but fell to $3,167 per tonne at the 5pm close, a small drop from its closing price of $3,171.50 per tonne on Friday October 15.The metal had the largest volumes of the day on Monday, with more than 23,600 lots traded by the close. "Aluminium volumes have been crazy because everyone is panicking about the energy situation. It's so energy intensive - even...