September 2018 | Base Metals
Market Summary: Range-bound
Aluminium prices continue to consolidate while the negative macro environment dominates. This is capping the upside for prices. But in view of the ongoing supply-side uncertainties, including the looming winter heating season in China, the downside price risks are limited. That leaves aluminium with nowhere to go but sideways in the short-to-medium term.
Macro trumps fundamentals
Despite growing signs of physical tightness across the base metals complex, the negative macroeconomic backdrop continues to trump the positive fundamentals.
Aluminium: Range-bound
Aluminium prices continue to consolidate while the negative macro environment dominates. This is capping the upside for prices. But in view of the ongoing supply-side uncertainties, including the looming winter heating season in China, the downside price risks are limited. That leaves aluminium with nowhere to go but sideways in the short-to-medium term.
Copper: The pain is almost over
LME copper prices have remained depressed below $6,000 per tonne so far in September. However, we reiterate...
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