Aluminium ...
Fresh buying has emerged this week, supporting the LME aluminium price to trade above the 20 and 50 DMAs. In addition, its daily RSI and stochastic lines continue to edge higher and are likely to support the current upside momentum. The next set of overhead resistance comes from the declining 100 DMA and only a clean break above the 200 DMA will give the light metal full control to edge higher. We maintain our view that LME aluminium is base-building above the psychological $2,000-per-tonne price level and in doing so, its technical configuration should support the next move on the upside.
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