Aluminium prices fell sharply last week and the selling was fairly relentless with various small gaps seen between closing prices and the following day's opening. Prices had rallied strongly in the second half of March, running from around $1,705/ tonne to $1,902.50/tonne, but found themselves back at a low of $1,775/tonne on Friday. Concerns over sanctions in Russia and the non-implementation of the new LME load-out rules have driven prices higher and prompted short-covering, but the rally provided marginal producers with another opportunity to hedge sell and it looks like they took it.
展开▼
