Aluminium's three-month price on the London Metal Exchange fell by almost 3% at the close of trading on Monday January 28, continuing to trade at less than $1,900 per tonne while the rest of the complex followed lower.
Total aluminium volumes traded on the exchange were moderate, with 13,588 lots changing hands by the close, and while the metal's LME stock levels remained firmly above 1 million tonnes, more than 40% of the material remains canceled after more than 272,000 tonnes was booked for removal last week.That said, a return of business with Russian producer UC Rusal could see the LME receive around 200,000-300,000 tonnes of material into the exchange, because Rusal accounts for around 6.5% of the world's aluminium output."As far as today's action is concerned, metals have rolled back some of Friday's gains," INTL FCStone analyst Edward Meir said."Aluminium is the most notable mover within the group, and is now trading back below $1,900 per tonne on news that the... administration [of US President Donald Trump has] formally...