Market Summary: Good start, but more work to do

Good start, but more work to do
Short-covering rallies have emerged, as we have warned. But sentiment is still fragile and vulnerable to news on trade disputes and the direction of the dollar.

Aluminium: Supportive fundamentals
Mounting concern about the future availability of aluminium continues to support the current rebound momentum in prices. The market faces a large supply deficit this year which could expand further in 2019 given steady demand and constraints on supply. In light of this outlook, dip buying should continue to underpin this market.

Copper: Buy the rumour, sell the news?

Copper has enjoyed a powerful rally over the past week, primarily driven by...