The London Metal Exchange three-month aluminium and tin prices set new year-to-date highs during trading on Thursday December 17, while the whole complex is continuing to hold high prices on hopes of a positive outcome in negotiations for a United States economic stimulus package to deal with the Covid-19 pandemic.
The aluminium price hit a new 2020 high of $2,096 per tonne at around 2pm on Thursday, moving above the previous high it had set on December 2 of $2,080 per tonne. By the 5pm close, the aluminium price trailed back to $2,053 per tonne, still up 0.88% from Wednesday's 5pm price of $2,035 per tonne. "Having consolidated above the 20 DMA [2,015 per tonne], LME aluminium's technical configuration is now setting up for higher prices," Fastmarkets Andy Farida said in a morning note. "The symmetrical triangle pattern...