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

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June 2019 | Base Metals


Technical analysis: Attempting rebounds


At the moment, many base metals are attempting rebounds, though they are finding plenty of resistance levels that need eroding with persistent buying pressure if further upside progress is to be achieved.

Aluminium 

The LME three-month aluminium price has started steadier on Tuesday June 11 after dipping to a fresh multi-year low of $1,752.50 per tonne on Monday. Momentum indicators are starting to look more constructive; the stochastics have crossed higher in mid-ground and the RSI currently stands at 44. Aluminium still faces resistance from the 20 DMA at $1,796 per tonne and the 40 DMA at $1,816 per tonne, which coincides with the DTL from the March 20 high. Above this stands the 100 DMA at $1,860 per tonne, ahead of the 200 DMA at $1,922 per tonne. Further dip-buying support is expected below $1,800 per tonne, although we have a downside price target of $1,731 per tonne based on the break of the bearish rising-wedge formation between January and early April. ...

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