LIVE FUTURES REPORT 15/02: LME aluminium edges close to 2021 high on supply concerns, zinc up 2% Aluminium futures closed at a price of $2,218 per tonne on the London Metal Exchange on Monday March 15, showing almost double the volumes traded in copper, and with improved demand and tight availability of the light metal edging its price upward. The price of aluminium reached $2,235 per tonne during Monday, just $8 per tonne below its 2021 year-to-date high set on February 25, and finished at 5pm 2.1% higher than Friday’s closing price of $2,171 per tonne.
More than 17,600 lots of the metal had traded by 5.15pm on the LME, approaching double the copper volumes, which were just under 9,900 lots.
MORNING VIEW: Base metals prices mixed as markets face cross currents Base metals prices on both the London Metal Exchange and the Shanghai Futures Exchange were mixed this morning, Tuesday March 9, with prices generally consolidating after recent weakness, while there are cross currents in the form of bond yields, stimulus and inflation expectations affecting sentiment.
Brent crude oil prices dip back below $70 per barrel after Monday’s move above $71 per barrel
Inflationary expectations running high on the back of widespread monetary and fiscal policy
Base metals
LME three-month base metals prices were mixed this morning with aluminium ($2,153.50 per oz) and nickel ($16,335 per tonne) prices down by 0.9% and 0.3% respectively, while the rest were in positive territory with gains averaging 0.2%, led by a 0.4% rise in tin ($24,260 per tonne). Copper was up by 0.1% at $9,015.50 per tonne.
Base metals prices on the London Metal Exchange were mixed this morning, Tuesday March 2, while on the Shanghai Futures Exchange they were mainly weaker.
Base metals prices were putting in a strong performance on the last trading day before the Chinese New Year holiday, with all the metals, with the exception of an already strong tin, seeing gains this morning, Wednesday February 10.
Base metals prices on the London Metal Exchange and Shanghai Futures Exchange were for the most part weaker this morning, Friday January 29, with aluminium bucking the trend on both exchanges and March tin on the SHFE also higher.