The London Metal Exchange cash/three-month aluminium contract fell $30.50 to trade below its psychological $1,800-per-tonne price level at $1,779.50 per tonne by close of play on April 30.
This is the lowest price level recorded for the LME three-month aluminium contract since January 13, 2017, when it was trading at $1,792 per tonne.The aluminium three-month contract ignored a significant 34% inventory cancelation of 366,300 tonnes across global LME warehouses as of 9am on April 30 to succumb to downward price action. Depleting LME aluminium stocks, which have steadily declined by 15.5% to 1,074,650 tonnes on April 30 from 1,272,925 tonnes on January...