“With physical markets still tight, further squeezes are possible, so CME may not be out of the woods yet,” said Bank of America.

Novelis, owned by Indian billionaire Kumar Mangalam Birla's Hindalco Industries, is the world's largest recycler of aluminum.

Steel demand remains subdued in China despite the latest property stimulus.

The net proceeds will be used to retire Cameco’s outstanding 4.19% senior unsecured debentures.

The Chinese commodity trader is Ivanhoe's largest shareholder.

After setting a new record high of $2,449.89 last week, bullion has shed more than $100 since.

Hedge funds and other large speculators boosted their net-long position in Comex futures and options by 21,030 contracts in the week through May 21.

Tin remains the strongest year-to-date base metals performer.