Base metals on the London Metal Exchange were mostly lower during morning trading on Tuesday May 8, with broad consolidation in effect across the complex.
Aluminium's three-month price continues to trade firmly above $2,300 per tonne, reaching a high of $2,372 per tonne over the morning. Despite the light metal's recent activity typified by spates of volatility and alternating spreads, prices are continuing to find support throughout the month. Aluminium's cash/three-month spread is currently in a backwardation of $20 per tonne, back from a contango of $1 last week. Elsewhere, zinc's three-month price is trading higher over the morning and making a return to the $3,100 per tonne region. Zinc prices fell to an eight-month low of $2,972 per tonne last week after more than 60,000 tonnes of material was delivered into Antwerp's LME-listed warehouses. "In less than 24...