Aluminium prices on the London Metal Exchange dipped for the first time this week during morning trading on Thursday April 12, following a 101,725-tonne delivery into European LME-listed warehouses.
The delivery was split between Rotterdam and Vlissingen, with 68,150 tonnes delivered into Rotterdam. This is Rotterdam's largest single delivery since July 2014. This comes just a few days after the LME said it would place a temporary suspension on putting Rusal metal on-warrant following recent US sanctions. "The delivery has dented the price slightly - but we also expect to see more deliveries before the deadline [April 17]. Although the price being above $2,200 per tonne means it remains in a strong position," a trader said. Aluminium's three-month price edged 0.5% lower this morning, following a week where the price had climbed 7% by Wednesday's close. "Aluminium's momentum isn't likely to last. The sanctioning of Rusal and the likeliness of further sanctions against Russian business interest has the potential to keep certain metals higher...