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Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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February 2019 | Aluminium Weekly Market Tracker


The rebound momentum is showing signs of having run its course: Market Summary and Analysis


According to the latest LME COT report, fund managers trading aluminium were actively reducing their bearish exposure for the second consecutive week.

The rebound momentum is showing signs of having run its course The rebound momentum since the January 3 low is showing signs of having run its course. Most of the positive catalysts that supported the initial move higher, from the improved speculative funds positioning to elevated canceled warrants, are mostly priced in by now. The weekly average LME aluminium cash price was $1,870.1 per tonne last week, only slightly higher than previous week’s $1,867.4 per tonne, reflecting the loss of upward momentum. Fund short-covering seems to have petered out According to the latest LME COT report, fund managers trading aluminium were actively reducing their bearish exposure for the second consecutive week. This has allowed LME aluminium’s net short fund position to contract to just 2,888 lots. But the short-covering rally fell short and was offset by stale-long liquidation of 10,295 lots. This is another indication that while the LME aluminium...

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