The three-month aluminium price on the London Metal Exchange shrugged off a net inflow of 57,525 tonnes on Friday December 14, mostly into warehouses in Port Klang.
Aluminium traded at $1,923.50 on Friday morning down 0.4% from Thursday night’s close. Friday’s deliveries into Port Klang LME sheds follows a 24,875 tonne delivery on Thursday and 23,925 tonnes oin Monday, both to the same area. Though the price was little changed, LME spreads have reacted as a result of the stock inflow. The benchmark cash/three-month spread widened to a $19.25 per tonne contango on Friday morning from $11.85 at Monday’s open. It has also helped narrow the December/January spread to a $7 backwardation from around an $18.50 backwardation Monday.
