LME ALUMINIUM MIDSESSION SEES WIDER BACKWARDATION
LME aluminium prices eased this morning
under light dollar based selling of three months delivery but
persistent covering of nearby short positions widened the
backwardation to around 69 stg from 66 yesterday, dealers said.
    Three months ended official ring dealings at 805.50 stg,
down 2.50 stg a tonne from yesterday afternoon's kerb close,
and the dollar equivalent traded from 1,299 on the pre-market
down to 1,293 dlrs at the end of the rings and compared with
1,298 yesterday.
    The nearby covering was prompted by supply tightness
created by likely large April option declarations but no
reports circulated this morning of any further enquiry for
short term April options. This was evident Friday and
yesterday.
 REUTER
