June 2018 | Aluminium Weekly Market Tracker
Escalation in trade tensions: Market Summary and Analysis
The weekly average LME aluminium cash price was $2,315/tonne last week, up 2% from previous week’s $2,270.5/tonne.
The United States imposed tariffs of 10% on aluminium imports from the European Union, Mexico and Canada on June 1, drawing strong criticism from world leaders. The EU has imposed retaliatory tariffs, with extra taxes on US-made products from July, ranging from whisky to boats. The trade war has intensified after Mexico also placed tariffs on US products and while clear tensions at the G7 summit over the weekend indicate that trade-related uncertainties seem only set to escalate. Indeed, the World Bank recently warned that the US and its trading partners could see serious repercussions equivalent to the 2008 financial crisis if trade tensions remain unresolved. Prices climb on the back of technical backdrop Despite all this, the weekly average LME aluminium cash price was $2,315/tonne last week, up 2% from previous week’s $2,270.5/tonne. This came on the back of a stronger technical backdrop, dollar weakness, robust economic data and...
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