Base metals prices on the London Metal Exchange were mixed during morning trading on Monday April 30, with aluminium and nickel continuing to dip from recent highs.
Aluminium's three-month price is consolidating close to the $2,200-per-tonne mark, with prices continuing to fall from a closing high of $2,550 per tonne on April 18. News of a potential escalation in US-Russia sanctions continues to impinge on the metal's price sentiment. News on Friday that Oleg Deripaska has agreed, in principle, to reduce his shareholding in the EN+ Group to below 50%, weighed on the light metal's price activity, with prices dipping by 2.2%. Aluminium's cash/three-month spread is now in contango of $1 per tonne. The light metal has been in backwardation since April 6. Nickel's three-month price reached a low of $13,720 per tonne during the morning, its lowest point since April 13. The metal is no longer reeling from sanction speculation, consolidating close to the $14,000-per-tonne mark with a high-low...