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April 2018 | Base Metals


Market Summary: Fragile, but still in consolidation mode overall


Sentiment across the base metals is still fragile on the back of some disappointing economic data lately and considerable uncertainty over trade with the US, which could spread and scupper global economic growth. Our bae case view is still that common sense will prevail and a damaging trade war will be avoided. But while concerns persist, base metals are likely to continue consolidating.

Fragile, but still in consolidation mode overall
Sentiment across the base metals is still fragile on the back of some disappointing economic data lately and considerable uncertainty over trade with the US, which could spread and scupper global economic growth. Our bae case view is still that common sense will prevail and a damaging trade war will be avoided. But while concerns persist, base metals are likely to continue consolidating.

Aluminium: Trump causes another stir
Aluminium prices are surging higher on the back of concerns that US sanctions against Russia and key Russian firms, including aluminium producer Rusal, will disrupt supply. For the moment, this story is overshadowing the impact of trade war worries and oversupply in China, which had been dragging prices lower in previous weeks.

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