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

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December 2019 | Base Metals

Aluminium: Price struggling higher

Despite the better-than-expected Chinese manufacturing PMI data, aluminium prices continue to struggle. Technically, a sustained break above the 100-day moving average may help to change the tone for the better.

LME aluminium price rose 1.1% last week
The weekly average LME aluminium cash price was $1,764.9 per tonne last week, up 1.1% from the previous week's $1,745.9 per tonne average. Data from the US released on Wednesday November 27 was better than expected – the preliminary reading for Q3 GDP growth exceeded analysts’ forecasts, rising to 2.1% from 1.9%. Durable goods orders were also better than expected with a 0.6% month-on-month increase in October versus the forecast 0.5% decline. The positive readings supported a firm dollar as well as the already-bullish stocks markets, which are trading near record highs.

China official...


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