Base metals prices on the London Metal Exchange were higher across the board by the close of trading on Monday October 22, with prices elevated despite a slightly weaker US stock market opening in addition to a strong US dollar index.
Despite a fresh cancelation of more than 25,000 tonnes from LME-listed warehouses in Singapore, the three-month aluminium price drifted down from its intraday high of $2,032 per tonne to $2,000 per tonne after reaching a six-month low of $1,996.50 per tonne on Friday October 19. While total on-warrant aluminium stocks had been at their lowest since 2005 at the start of the month, deliveries of more than 167,000 tonnes were shipped to Asian locations last week, marking the largest inflows since April of this year."The underlying fundamentals remain supportive; the World Bureau of Metal Statistics pegged the refined aluminium market in a deficit of 302,000 tonnes in January-July 2018, adding to the 1.14-million-tonne deficit in 2017. We expect the global aluminium market to...