Rising open interest last week, together with the corresponding increase in aluminium prices around the middle of the forward curve, points out that there were new, further-dated long positions built, suggesting consumer hedging activities. Interestingly, the sharp rebound in cash prices of $152/tonne during the past week has tightened up the nearby spread which has narrowed from an average of $17/ tonne contango two weeks ago to $5/tonne at the end of last week – this no doubt just shows the extent of short-covering that was being done.
展开▼
