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

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November 2019 | Base Metals


Technical analysis: Attempting rebounds of support


After selling off, the base metals are either still building support or starting to attempt rebounds having already confirming support.

Aluminium 

The LME three-month aluminium price is attempting to stabilize at around $1,745 per tonne on Tuesday November 19 – an area of previous support from June and August – after correcting back from $1,822 per tonne on November 8. Additional support is seen at the October low of $1,705 per tonne. Momentum indicators are attempting to stabilize too; the stochastics are converging in low ground, while the RSI stands currently at 41. Scaled-up resistance is seen from the 40 and 100 DMAs at $1,748 and $1,776 per tonne, respectively. Additional resistance is seen around long-term DTL resistance from the December 2018 high, which stands ahead of the 200 DMA at $1,810 per tonne. Copper The LME three-month copper price has found some support at the flat-lining 50 DMA at $5,813 per tonne. But the 10-day momentum is negative, which could exert renewed downward...

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