Aluminium's three-month price on the London Metal Exchange consolidated during morning trading on Friday May 3, with fresh inflows of more than 26,000 tonnes doing little to pressure the light metal's stagnant price, while low liquidity conditions capped volumes traded.
This week, more than 232,000 tonnes of aluminium have been delivered into LME-listed warehouses predominantly in Asia, taking total on-warrant material to 875,050 tonnes, the highest count of deliverable material since January. Earlier this week, the metal's three-month price fell to its lowest level in more than two years at $1,795 per tonne, but price action has since improved amid strong support at just over $1,800 per tonne. "Aside from the steady systematic flows the main protagonist during the recent pressure across the base complex has been macro driven," Marex...