Base metals showed little movement in Wednesday’s official session on the London Metal Exchange, with aluminium and zinc the only contracts to show any real significant gains. Three-month aluminium settled at $1,733.5/34 per tonne after opening the day at $1,709 per tonne held up by commodity trading advisor (CTA) fund buying. The light metal reached an intraday high of $1,735.25 per tonne by 14:15 BST and traded just $4 lower than its opening price in the day, at $1,705 per tonne. “Aluminium is pretty steady,” a category I ring trader said. “We’re seeing CTA funds buying aluminium and that could drag copper back up later on.” The price increase comes despite a stock increase of 125 tonnes on Wednesday. This took total aluminium stocks in LME-approved warehouses to 4,555,475 tonnes. Three-month copper settled at...
