Market Summary: De-risking

De-risking
Base metal prices have experienced some sharp rebounds after the risk-off episode sparked by the deadly US airstrike on a top Iranian commander on January 3. The focus now is on the signing of the ‘phase 1’ US-China trade deal this week, which could further de-risk the outlook.

Aluminium: High enough for now

Aluminium prices have been working steadily higher since their October lows but a lot of the positives may already be priced in and technical resistance has been encountered. We think prices have done enough on the upside for now. Our recently revised base-case cash price forecasts remain...