Market Summary: Macro factors still the dominant force

Macro factors still the dominant force
To some extent the base metals are able to trade their own fundamentals, but macro headwinds remain the dominant force overall. This makes a sideways-to-lower grind the default for most metals unless supply disruption threats emerge and are deemed severe enough to change the underlying narrative for a while.

Aluminium: Technically getting more bullish

Based on an improved technical configuration on the charts, aluminium prices are potentially poised for further upside in the very short term. But the overall fundamental picture is not conduce to sustaining any price rallies yet, so any attempts on the upside will likely be capped by the same downward trend line that has been in force all year. On these grounds, we should not expect prices beyond...