The three-month price of aluminium on the London Metal Exchange failed to breach nearby resistance at the close of trading on Wednesday September 2, despite reaching its highest price since January in the afternoon session, while a sharp decline in lead futures saw the metal lose 1.8% of its underlying price.
Aluminium's outright price on the LME closed at $1,786 per tonne, a decline of more than 1% from an intraday high of $1,823 per tonne. This marked the second consecutive day when the light metal has breached nearby resistance, but failed to close above the mark.Turnover in LME aluminium was high over the day, topping the complex at more than 18,000 lots exchanged by the close. The metal's forward curve remained wide over the afternoon, with its benchmark cash/three-month spread recently trading in a $37 per tonne contango.Yet total LME open interest in...