The three-month aluminium price on the London Metal Exchange had risen at the close of trading on Monday September 9, reaching its highest level since July 31, while a steady uptick in nickel futures over the afternoon saw the metal regain support above the $18,000 per tonne threshold.
Aluminium futures closed at $1,799 per tonne, maintaining upward momentum over the afternoon and trading in positive territory throughout the day, while volumes traded were the best in the the complex at some 11,000 lots exchanged by the close.
Meanwhile, near-term business in the light metal has proven less costly in recent weeks, with aluminium’s three-month price averaging $1,750 per tonne over July-August and forward spreads maintaining steady contangoes.
Aluminium’s cash/three-month spread was recently seen in a contango of $25.25 per tonne, while its nearby cash/September spread was recently trading in a $4 per…