The three-month aluminium price on the London Metal Exchange dipped below nearby support levels during morning trading on Thursday January 23 on a rewarranting of 68,875 tonnes, while copper's price struggles continued.
Aluminium's outright price on the LME was recently at $1,797 per tonne, 0.7% below Wednesday's closing price of $1,811 per tonne and sinking below the key threshold.
Turnover in aluminium was high over the morning with more than 4,000 lots exchanged as of 9:15am London time.
This morning, 32,000 tonnes of primary aluminium was placed back on-warrant in LME-registered warehouses in Johor, and another 36,875 tonnes in Port Klang.
The rewarrantings come amid fresh concerns over the build-up of queues for the removal of primary aluminium at LME warehouses in Southeast Asia, particularly those run by warehouse company Istim in...