The three-month aluminium and copper prices on the London Metals Exchange defied a stronger dollar index to trade significant volumes by the end of the day’s trading on Tuesday September 10.
“Flow [of trading] this past week has been systematic short-covering and trading volumes are coming back under pressure suggesting prices will struggle to move aggressively,” Marex Spectron said in a morning note.
Aluminium futures were trading up at the close at $1,819.50 per tonne, buoyed by over 13,000 lots trading hands by the afternoon kerb.
Sales of the light metal’s three-month contract gained momentum over the course of the day, having turned over just 2,250 lots over the morning.
One supportive factor is a 3,175-tonne outflow from LME global warehouses today,…