The three-month aluminium price on the London Metal Exchange surpassed nearby resistance at the close of trading on Monday September 14, closing just above $1,800 per tonne after today's fresh cancellation of 41,325 tonnes triggered afternoon buying, while lead futures rose by 1.7% in the US trading session to push beyond $1,900 per tonne.
Aluminium's outright price on the LME closed at $1,800.50 per tonne on Monday afternoon, settling at its highest closing price since January 22, while turnover topped the complex but was moderately low at 12,400 lots exchanged by the 5pm close.
The light metal's declining LME stock inventory remains the most prominent tailwind for price action of late, yet in recent months the three-month aluminium price has remained broadly macro/equities-driven. Total LME aluminium stocks now stand at 1.51 million tonnes, while 1.25 million tonnes now sits on-warrant....