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

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October 2019 | Base Metals


Market Summary: Trading supply-side fundamentals while waiting for macro news


With little concrete progress on US-China trade and with economic data still generally pointing to weakness, the base metals are largely waiting for fresh macro developments, and trading their supply side fundamentals in the meantime. That is keeping nickel resilient and seeing lead, zinc, copper and tin looking for progress on the upside.

Trading supply-side fundamentals while waiting for macro news
With little concrete progress on US-China trade and with economic data still generally pointing to weakness, the base metals are largely waiting for fresh macro developments, and trading their supply side fundamentals in the meantime. That is keeping nickel resilient and seeing lead, zinc, copper and tin looking for progress on the upside.

Aluminium: Gravitating towards $1,700 per tonne

Sellers are still in control of aluminium prices. The limited upside momentum has repeatedly proven to be rather frustrating. As such, we remain cautiously bearish. However, we will not be surprised if rebound momentum emerges again off the clear technical downtrend line, but only lasts long enough to warrant another selling opportunity and another test...

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