Aluminium's three-month price on the London Metal Exchange continued its decline during morning trading on Tuesday April 30, continuing to trade at its lowest level since January while its total volumes traded led the complex with more than 5,000 lots changing hands as of 9:30am London time.
The light metal's three-month price reached a low of $1,815 per tonne over the morning session, down by more than 6% after reaching a 2019 high of $1,946 per tonne on March 19. This week, inflows of more than 60,000 tonnes were delivered into various locations across Europe and Asia, fueling the price downturn. Participants in the physical market expect more material to flow through Asia in the coming weeks, after warehouse operator Access World listed 25 new LME warehouses on Monday.Similarly, tightness has emerged in the metal's nearby spreads, with aluminium's cash/May spread now in a backwardation...