Sentiment soured – hiccup or turning point? Copper:...
There has been a feel-good factor pervading the base metals so far this year due to US-China trade optimism and Fed dovishness. But after poor economic data again last week, sentiment began to sour. This may prove transitory, however, as the fundamentals of the base metals generally remain tight, and demand should pick up to help highlight this in Q2.
Aluminium: Sideways to lower
While US-China trade progress is proving slow and frustrating, focus is drifting toward demand concerns on the back of deteriorating economic indicators, and Chinese oversupply. Against this background, we believe the path of least resistance for aluminium prices in the short term is sideways to lower.
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