Market Summary: Chinese risk appetite improving

Chinese risk appetite improving
Despite the trade stand-off with the US and the deteriorating economic data, the Chinese government’s plans to provide more support for its economy is constructive. For base metals prices, it should, at worst, be a supportive factor in the coming few months and, at best, drive them higher.

Aluminium: Limited upside potential

We believe recent price action suggests the downswing driven by selling momentum since the mid-August high has run its course. But aluminium prices have their work cut out to break the longer-term downtrend, particularly as capacity restarts at various smelters in China and pressure from the global macroeconomic...