Aluminium prices on the London Metal Exchange have retreated from early morning highs after a significant delivery into LME-listed warehouses in Asia caused on-warrant stock to surge by 18%.
The three-month price was trading at a high of $2,151 per tonne - a $27 per tonne increase compared to Monday's close price - before warehouse stock data was released at 9am UK time. Some 166,225 tonnes were delivered in this morning, 99% of which entered Port Klang. This follows 22,175 tonnes on Monday and 41,650 tonnes on Friday February 9. The three-month price is now up just $9 compared to yesterday's close price. "The aluminium price will continue retreat over the next few hours as people take a step back after the stock data. No doubt this has to weaken prices," an analyst said. "The increase in...