A lower United States dollar index propelled aluminium's price to new highs during morning trading on the London Metal Exchange on Friday April 23, while copper continued its climb higher and other metals remained within their recent ranges.
Aluminium's three-month price reached $2,389 per tonne during early trading on Friday. The light metal opened at $2,386 per tonne, $23 per tonne higher than Thursday's closing price. The metal is set for a 2.4% increase from Monday's closing price of $2,330 per tonne. It is trading at its highest level since April 2018, when it reached intraday highs of $2,718 per tonne. Aluminium's cash-to-three month backwardation narrowed to $0.52 per tonne on Friday morning from $0.75 per tonne at the close on Thursday. Total aluminium stocks in LME warehouses stood at 1.79 million tonnes...