Aluminium The LME three-month aluminium price managed to find support at the 20 DMA ($1,801 per tonne) as well as the December 2019 low UTL on Friday January 10. Also, it was well-bid into the close of trading that same day, settling above the psychological price level of $1,800 per tonne and trading either side of it early this week. The rising 20 DMA remains an all-important short-term directional indicator and buyers have work to do to keep the price on the upper side of it. However, for now both the daily RSI and stochastic lines are trending lower. And we are mindful that aluminium had a downward bias throughout 2019 with selling returning to dominate trading after every attempt on the upside. There is an uneasy feeling that selling pressure is bound to re-exert its dominance once again in the coming weeks. CopperHaving found nearby technical...
Receive a free sample of market analysis and price forecasts.
Free SampleReceive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts.Plus download the latest issue as soon as it’s published.
Subscribe