Aluminium was the only base metal on the London Metal Exchange to close in positive territory on Monday February 19, with the majority of the complex's prices under pressure.
The three-month aluminium price closed $6 higher as it managed to stabilize above $2,200 per tonne following Friday's release of US Commerce department recommendations on imports."While prices have rallied from their recent lows, supported by the rebound in risk sentiment, indicators suggest they are struggling for momentum, so perhaps a period of more rangebound trade is brewing," James Moore, Metal Bulletin analyst said.Focus was also on the LME spreads, where aluminum's cash/March spread spiked to $50 per tonne backwardation from just $10b...