Base metals prices on the London Metal Exchange continued to climb at the close of trading on Tuesday April 10, while aluminium volumes surpassed 37,000 lots traded.
Aluminium maintained its upward momentum throughout the day, reaching a high of $2,242 per tonne, the highest since January 29. "Supply fears and uncertainty are the factors driving aluminium prices higher, but such an overreaction may prove temporary and we envisage its price to consolidate and test underlying demand once the dust settles," Andy Farida, Metal Bulletin analyst, said. The light metal's volumes followed yesterday's surge, and bounced higher after the close on news that the exchange was placing a "temporary conditional suspension" on placing Rusal metal on warrant. "LME aluminium extended gains into the third session, hitting five-week highs, as...