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

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April 2019 | Base Metals

Aluminium: Becoming oversold

Aluminium price slipped lower again last week amid poor sentiment, particularly on the demand side. But with its technical indicators suggesting that the aluminium price has become oversold, we envisage short-term rebound momentum to emerge. Follow-through buying pressure on Monday morning is a positive development, but the light metal needs to hold on to the gains first to attract more buying

Aluminium prices slipped back below $1,850 per tonne last week
Aluminium prices continued their downtrend and slipped below the $1,850 per tonne mark last week. This comes as weaker investor sentiment across Europe continues to trickle through to commodity purchasing, with US President Donald Trump threatening to apply $11 billion worth of tariffs on goods from the EU. Grounded in an ongoing aircraft dispute, tensions between the US and the European bloc escalated last week, with the EU allegedly accused of providing subsidies to aircraft maker Airbus, while the EU has levelled similar accusations against the US for historic subsidization of Boeing dating back to 2004.


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