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

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March 2020 | Base Metals


Technical analysis: Rebounds reflect dip-buying appetite


Steep sell-offs on Monday, March 9, have been followed by rebounds, suggesting eager dip-buying providing some support.

Aluminium 
The LME three-month aluminium price registered a fresh annual low of $1,644 per tonne on Monday March 9, but closed positively toward the end of the trading day. The positive close and daily candlestick is a strong technical statement that bargain-hunting was at work and the fact that buyers managed to turn the selling around suggests that the downside momentum may have run its course. Both the daily RSI and stochastic lines have little directional bias for now, but these could turn higher again if follow-through buying pressure emerges in the coming days.

Copper The LME three-month copper price broke below its 2019 low of $5,518 per tonne on Monday March 9 to hit $5,433 per tonne intraday, before rebounding since then. But momentum-based indicators are negative; the 10-day momentum is below 0, and the...

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