03.11.2015 - Aluminium traders closing out bearish bets
Orders to remove aluminium from warehouses tracked by the biggest metals exchange rose for a third day, the longest stretch in more than a year, prompting traders to close out bearish bets on prices that are near a six-year low. Cancelled warrants, as the bookings are known, surged 21 per cent in the past three days to 1.1 million metric tons, the highest in five weeks, London Metal Exchange data show. While the market is in surplus, the bookings are probably a sign that supplies are tightening and have spurred traders to cover positions on further price declines, according to ICBC Standard Bank...............................................Full Article: Source
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