Research

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

Change font size:   

June 2019 | Base Metals


Aluminium: Tentatively bullish


Although LME aluminium remains oversold, it is still vulnerable to further downside pressure if short-term technical support at $1,765 per tonne gives way. That said, we are tentatively bullish here because a great deal of the bearishness has already been priced in. In addition, global exchange stocks have declined by 19% this year, which is a relatively positive micro-dynamic that remains neglected in the midst of the macro-economic uncertainty.

Weak economic indicators were last week's main theme

Weak economic indicators were the main theme in global financial market last week as we saw US nonfarm payrolls up by only 75,000, compared with a forecast of 185,000 and a previous reading of 224,000. It was also the second time in four months that payrolls increased by less than 100,000 as the US labour market continues to show signs of weakening. The ADP nonfarm employment change was also disappointing – it came at 27,000 in May, compared with a forecast of 180,000 and the previous month’s reading of 271,000. ...

ACCESS RESTRICTED

To read the rest of this analysis please take a free sample or subscribe


FREE Sample


Receive a free sample of  market analysis and price forecasts.

Free Sample

SUBSCRIBE


Receive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts. Plus download the latest issue as soon as it’s published.

Subscribe


Already subscribed?