October 2019 | Aluminium Weekly Market Tracker
Positivity surrounding the progress of US-China trade deal has been short-lived: Market Summary and Analysis
Follow-through selling has emerged in LME aluminium after fund managers increased their net short fund position (NSFP) for a second consecutive week.
Positivity surrounding the progress of US-China trade deal has been short-lived News of the possibility of a “partial” trade deal between the United States and China at the end of last week was widely, but cautiously, celebrated. However, the positivity has been short-lived, with many across global markets seeing the progress as a temporary reprieve, while broader and more contentious issues remain to be discussed at a later stage. Fund managers increased net short position for a second consecutive week Follow-through selling has emerged in LME aluminium after fund managers increased their net short fund position (NSFP) for a second consecutive week. We wrote in our previous report that the contraction in selling pressure was temporary and the latest expansion in the NSFP confirms that speculative sentiment remains firmly bearish. Aluminium premium faced downside pressure On the physical front, global aluminium premiums face downside pressure due to bearish sentiment worldwide....
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