11 NOVEMBER 2014www.dailymail.co.uk
Aluminium dips on producer selling, others mixed before U.S. data
Edited by : AL CIRCLE
2 min read
Aluminium dipped on Friday as producers and trade houses sold while the wider base metals complex was mixed ahead of key U.S. jobs data that could move the dollar.
Three-month aluminium on the London Metal Exchange fell 0.9 percent to a session low of $2,056.75 a tonne, but pared losses to stand at $2,065 by 1111 GMT, a decline of 0.5 percent.
Two-way activity was keeping aluminium in a fairly tight range, said analyst Gayle Berry at Jefferies Bache in London.
"You have seen decent trade selling when prices move higher, and then when prices pull back you see some CTA buying, which is keeping prices within a range."
Commodity trade advisers (CTAs) manage speculative investment funds, often using computer-generated buying signals.
Aluminium has been resilient during the recent commodities sell-off, on track for a 1.3 percent weekly gain after a rise of 3.6 percent the previous week.
Many investors expect a deficit to develop, supporting prices, on the back of strong demand and cutbacks by producers.
The dollar index was little changed on Friday, but close to a 4-1/2 year high after European Central Bank President Mario Draghi on Thursday renewed a pledge to take necessary steps to support the euro zone economy, pushing the euro close to two-year lows.
Three-month aluminium on the London Metal Exchange fell 0.9 percent to a session low of $2,056.75 a tonne, but pared losses to stand at $2,065 by 1111 GMT, a decline of 0.5 percent.
Two-way activity was keeping aluminium in a fairly tight range, said analyst Gayle Berry at Jefferies Bache in London.
"You have seen decent trade selling when prices move higher, and then when prices pull back you see some CTA buying, which is keeping prices within a range."
Commodity trade advisers (CTAs) manage speculative investment funds, often using computer-generated buying signals.
Aluminium has been resilient during the recent commodities sell-off, on track for a 1.3 percent weekly gain after a rise of 3.6 percent the previous week.
Many investors expect a deficit to develop, supporting prices, on the back of strong demand and cutbacks by producers.
The dollar index was little changed on Friday, but close to a 4-1/2 year high after European Central Bank President Mario Draghi on Thursday renewed a pledge to take necessary steps to support the euro zone economy, pushing the euro close to two-year lows.
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