Market Summary: Broader tensions masking still-constructive fundamentals

Broader tensions masking still-constructive fundamentals
With the US-China trade dispute escalating again and now geopolitical tensions between the US Iran rising, there is less and less appetite for risk in financial markets. Base metals continue to feel the fallout, despite plenty of signs of tightness in the fundamentals.

Aluminium: Base-building amid cross currents
There are many cross-currents buffeting the aluminium market, but the micro-dynamics are starting to appear more price supportive in the short term. This, combined with the potential upside in its technical configuration, could well be a recipe for a counter-reversal to sustain an upward price move in the coming weeks.

Copper: Still being undermined by macro negativity

The macro...