Base metals prices on the London Metal Exchange were predominantly higher at the close of trading on Thursday May 16, with trade uncertainties broadly priced in while a stronger dollar tempered commodity buying over the afternoon.
The upward momentum in the three-month aluminium futures continued throughout the afternoon trading session, with the light metal settling at $1,860 per tonne, its highest since April 24.Fresh cancelations of more than 33,000 tonnes from mostly LME-registered Asian warehouses this morning buoyed the light metal's price, while a supportive cash/three-month spread contango - recently at $29.25 per tonne - further facilitated spot physical business. "Supporting the current rebound momentum in the LME aluminium price is the cancelation of around 33,000 tonnes this morning. Metals continue to...