17 JUNE 2016<a href= http://www.dailymail.co.uk/wires/reuters/article-3642741/Risk-sentiment-pushes-aluminium-highest-May-5.html ='_blank'> Reuters </a>
Risk-on sentiment lifts aluminium to highest since May 5
Edited by : AL CIRCLE
1 min read
Aluminium hit its highest level in nearly six weeks on Wednesday and copper also jumped as the dollar dipped and investors bought more risky assets ahead of a Federal Reserve meeting.
All the metals on the London Metal Exchange were swept higher, also getting a boost as some speculators closed out bearish positions. Three-month LME aluminium closed 1 percent higher at $1,626 a tonne, the strongest since May 5, building on gains of 0.6 percent on Tuesday, June 14.
LME data showed one entity held 40-50 percent of short-term aluminium futures.
"The base metals markets seem to be playing along to the tune of risk-on today with equity markets firmer today as well," said Daniel Briesemann at Commerzbank in Frankfurt.
European shares rose as expectations of dovish words from the U.S. Federal Reserve soothed investors on edge over whether Britain will vote to leave the European Union.
All the metals on the London Metal Exchange were swept higher, also getting a boost as some speculators closed out bearish positions. Three-month LME aluminium closed 1 percent higher at $1,626 a tonne, the strongest since May 5, building on gains of 0.6 percent on Tuesday, June 14.
LME data showed one entity held 40-50 percent of short-term aluminium futures.
"The base metals markets seem to be playing along to the tune of risk-on today with equity markets firmer today as well," said Daniel Briesemann at Commerzbank in Frankfurt.
European shares rose as expectations of dovish words from the U.S. Federal Reserve soothed investors on edge over whether Britain will vote to leave the European Union.
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