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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


Aluminium: Drift continues


LME aluminium prices are retesting support at last week's multi-year low. While the focus remains on broader macroeconomic uncertainties, we have a short-term downside price target around $1,730 per tonne. But we note that these lower prices have attracted stronger demand and we reiterate that the elevated speculative short exposure maintains the potential for short-covering rallies. So upside risks exist for prices, though we still need a bullish catalyst to realize them.

MJP aluminium stocks down 1.3% month on month in May...
Primary aluminium stocks at the three main Japanese ports (MJP) of Osaka, Nagoya and Yokohama fell 1.3% month on month in May, according to the data from Japanese trading house Marubeni Corp.

Total aluminium stocks at the three ports were 296,000 tonnes at the end of May, compared with 300,000 tonnes at the end of April, reversing the plunge seen from February to March this year. On a year-on-year basis, total aluminium stocks at the ports increased by 4.2% at the end of last month. Nagoya accounted for most of the...

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