* Aluminium hits highest since June 23 at $3,336.50 a ton
* Copper on course for highest ever close above $14,153
* Backwardation in copper spreads steepest since October
2025
(Adds broker comment, updates prices)
Aug 10 (Reuters) - 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 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 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 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, 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
all-time high above the previous record of $14,153.
The forward curve in copper remained in steep backwardation,
with the cash to three-month spread last trading at
$171 a ton, the highest since October 2025.
"Copper continues to be supported by tight physical markets,
low inventories, and ongoing supply concerns," Manthey said.
Elsewhere, zinc added 0.9% to $3,740.50, lead
gained 0.8% to $1,902, nickel edged down 0.3% to
$16,945 and tin rose 0.7% to $55,830.