Commodity trader Trafigura has built significant long positions in London Metal Exchange (LME) aluminium futures, adding to pressure in a market facing its tightest supply conditions in decades. The purchases are understood to aim to secure physical aluminium, as exchange inventories have fallen to their lowest level since 1990. LME aluminium stocks currently stand at 226,350 tonnes. At the same time, the premium for contracts due for delivery in the near term over those with later delivery dates has reached its highest level in decades. Several large long positions are also in place ahead of the November contract's expiry. Although these positions are not at record levels, they are substantial compared with the metal available in LME warehouses. Explore the production, demand and...
The London Metal Exchange (LME) aluminium price chart reported sharp declines on the November 12 trading session after a temporary surge at the November 11 close. While cash plunged over 2 per cent, both near-term and longer-dated contracts posted over 1 per cent dip over the previous session. The LME aluminium cash bid as well as offer prices contracted 2.11 per cent day-on-day on November 12. The bid shifted from USD 3,223 per tonne to USD 3,155 per tonne. The offer price dipped from USD 3,223.5 per tonne to USD 3,155.5 per tonne. Explore: Most comprehensive and forward-looking industry-focused report — Global Bauxite & Alumina Market Forecast to 2036: Supply–Demand, Trade Flows & Price Outlook The LME aluminium three-month bid and offer prices on November 12 reported a 1.04 per cent...
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