Aluminum still rising, touches $2,300/T

Dec 14, 2009 | 11:33 AM | Josephine Mason

Aluminum held at October 2008 highs in the official session at the London Metal Exchange on Monday as the light metal's rally showed no signs of ending.

Three-month aluminum closed second-ring trade at $2,284 per tonne, up 1.7 percent from $2,245.50 Friday, after hitting $2,305 per tonne earlier in the day.

Shanghai aluminum futures also put in a strong performance Monday, jumping 1.8 percent to a fresh 2009 high of 16,590 yuan ($2,429.25) per tonne from Friday's settlement at 16,295 yuan.

"Talk continues to center around the unwinding of a relative value trade (which involved a short position in aluminum .?.?. being covered) and momentum players continue to add length," an LME Category II broker said in a note Monday.....

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