Aluminium With no sign of aggressive selling pressure, the LME aluminium price was able to produce a higher low on Monday November 25. Also, the metal closed positively though the limited upside momentum continues to indicate prices remain in consolidation mode from the recent low. Still, aluminium carries short-term upside risks, with the daily RSI and stochastic lines in oversold territory and there is now room on the upside if dip-buyers can retake control. As long as the aluminium price continues to trade above the October low UTL, we envisage short-term upside to emerge, with the 50 DMA – currently at $1,753 per tonne – the most likely target for now. CopperThe LME three-month copper price has been trading above its 20 DMA at $5,872 per tonne early this week, which could be indicative of friendly sentiment. The 10-day momentum indicator is back in positive territory, which could...
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