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

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September 2019 | Base Metals


Technical analysis: Testing resistance


After decent rallies for most base metals last week, prices are testing overhead resistance levels looking for further gains if buying momentum can be maintained.

Aluminium 

LME aluminium price action produced a strong positive close on Monday September 9 and traded as high as $1,803.50 per tonne. This is just short of overtaking the August 2019 high at $1,807.50 per tonne and is close to the descending 100 DMA, now at $1,799 per tonne. That said, the technical indicators that we follow suggest there is still room to support the current upward momentum. Judging by LME aluminium's technical configuration, the potential target of the current rebound is the upper channel of the descending wedge pattern, which sits just below $1,830 per tonne.  ...

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