METALS-Aluminium climbs for sixth straight session as inventory draw continues

Elsewhere, zinc CMZN3 added 0.9% to $3,740.50, lead CMPB3 gained 0.8% to $1,902, nickel CMNI3 edged down 0.3% to $16,945 and tin CMSN3 rose 0.7% to $55,830.

Aluminium rose for a sixth straight session on Monday, striking its highest in almost seven weeks, as exchange inventories of the lightweight metal continue to be depleted.

Benchmark three-month aluminium CMAL3 on the London Metal Exchange was up 1.3% at $3,323 per metric ton as of 1600 GMT. It earlier touched $3,336.50, its highest since June 23.

ING commodities strategist Ewa Manthey said the recent rally in copper, which hit a six-month high last week, had reinforced the broader bullish sentiment across industrial metals.

"Aluminium's own fundamentals remain supportive, with exchange inventories still low and the market expected to remain in deficit this year," she added.

Available or on-warrant LME aluminium stocks of 244,650 tons are the lowest since April 2025. In top metals consumer China, meanwhile, there was a 13,000-ton draw on Shanghai Futures Exchange aluminium stocks AL-STX-SGH last week.

Unlike with copper, there is no huge aluminium exchange inventory cushion in the U.S., with just 5 tons sitting in Owensboro, Kentucky AL-OWNTTTD-STX on the COMEX.

Aluminium broke above its 55-day moving average but met resistance around the $3,330-mark, broker Marex said in a note, adding that its positioning data showed the largest speculative long on the metal since August 2024.

LME copper CMCU3, meanwhile, gained 0.7% to $14,170.50 a ton, consolidating above $14,000 after posting its strongest weekly gain since May last week, and was on course to close at an all-time high above the previous record of $14,153.