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

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November 2019 | Aluminium Weekly Market Tracker


LME aluminium price up 3.9% week-on-week: Market Summary and Analysis


According to the LME commitment of traders’ report (COTR) in the week to November 1, a sizeable amount of short covering emerged, with a total of 7,763 lots covered by gross shorts.

LME aluminium price up 3.9% week-on-week The LME aluminium price spent most of last week trading above the $1,800 per tonne mark with the weekly average being $1,813 per tonne, up 3.9% from the previous week's level. The risk-on mood in markets stemmed from the expectation of a “phase one” trade deal being struck between China and the United States in the near term. But on Monday this week, aluminium traded back below $1,800 per tonne again, as comments from US President Donald Trump regarding a possible rollback on tariffs have complicated matters. A sizeable amount of short covering has emerged Still, aluminium’s micro-dynamics have taken a positive turn. According to the LME commitment of traders’ report (COTR) in the week to November 1, a sizeable amount of short covering emerged, with a total of 7,763 lots covered by gross shorts. This was reinforced by new buying interest of 1,002...

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