After dipping to its lowest level since October 2009 on Monday of last week, the three-month aluminium price shot upwards with the other metals to the top end of the $1,900-2,000/tonne range by the end of the week and is still trading in this range today. As the price rise came with a jump in open interest, it appears that it was caused by the combination of an increase in speculative investment into equity and commodity markets and a flurry of physical buying as cancelled warrants shot upwards to a record level of more than 300,000 tonnes.
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