Aluminium ...
The LME aluminium price has been declining steadily thanks to persistent selling momentum since the April 19 high at $2,718 per tonne. It spent most of May consolidating within what seems like a bear-flag formation and the price has now broken below it too. As such, the technical configuration is vulnerable to further selling. But the daily RSI and stochastic lines are starting to stabilize here and if fresh buying emerges, the price could enjoy a relief rally. If there is not more buying, LME aluminium could suffer further technical selling down to targets below $2,000 per tonne, though this technical scenario remains highly speculative at the moment.
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