Aluminium's three-month price on the London Metal Exchange fell by more than 1% at the close of trading on Monday April 29, reaching its lowest level since January amid fresh inflows of more than 50,000 tonnes.
The light metal closed at $1,828 per tonne this afternoon, with volumes traded leading the complex, with more than 12,400 lots changing hands by the close, while open interest has climbed by 2,165 positions overnight, further typifying the rise in selling pressure. LME on-warrant material now sits just under 700,000 tonnes, while around 34% of total LME stocks remain canceled. Despite the inflow, aluminium's cash/May spread remains in a backwardation of $9 per tonne, indicating continued near-term tightness. "Aluminium is vulnerable to...