Aluminium's three-month price on the London Metal Exchange was up by 1.3% at the close of trading on Wednesday March 27, closing once again at more than $1,900 per tonne although the volumes traded remained moderate, topping the complex at just over 12,000 lots changing hands.
The light metal's three-month price fell to less than $1,900 per tonne at Tuesday's close, after trading above that mark since March 14. Around 37% of total LME stocks have now been canceled after just under 100,000 tonnes of material was placed back on-warrant earlier this month.Open interest in aluminium has declined over March by around 13,000 positions to 870,515 positions in total, which was down from 925,000 open positions in mid-February. LME data now shows three dominant positions across the bandings at 30-39% of warrant holdings, tomorrow/next and cash positions.In the physical market, Norwegian...