Official London Metal Exchange trade data showed aluminium easing about 1.1% to ~USD 3,091 per tonne amid broader base metals price pressure, as copper and other metals also edged lower on rising inventories and muted trading ahead of the Chinese Lunar New Year holiday.

Summary :

There will be little hard data about the recent consumption until March due to the Lunar New Year holiday, which starts on February 15, they added.

Meanwhile, copper stocks in LME-registered warehouses are at 189,100 tons, their highest since May, after 4,800 tons were delivered into the warehouses in Taiwan and the US, daily LME data showed.

Inventories in warehouses monitored by the Shanghai Futures Exchange rose to 248,911 tons of copper, their highest since March, at the end of last week, while Comex copper inventories, at a record high of 535,430 tons, continue seeing daily inflows.

Providing some support to copper, the Chinese yuan strengthened past 6.91 per dollar for the first time since May 2023 on Tuesday. The stronger yuan makes the dollar-priced metals more attractive for the Chinese buyers.

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