Market Summary: Time to consolidate

Time to consolidate
The base metals have been sold off as trade fears have escalated, exacerbating risk-off sentiment. Technically and fundamentally, we feel prices have fallen far enough.

Aluminium: Price forecasts lowered
Given a negative technical configuration and challenging fundamental outlook, selling momentum is likely to remain the dominant force in the aluminium market for a while. Any relief rally is likely to be limited. We have revised lower our price forecasts for the remaining quarters of the year, and for 2019, but still see an upward trajectory during the next 18 months overall.

Copper: H2 bullishness toned down

After a 17-day sell-off that...