LME Price Trend Still Bullish but Due for a Pause
April 19, 2021
- LME prices are up... % y/y to near three-year highs amid strong physical and speculative buying. In the last twelve months, LME aluminum prices have rallied by...
- LME prices above $... per mton appear unsustainable at this point in the cycle. Technically, the next resistance target for LME prices stands around $...
- Under our base scenario (...% odds), we expect LME prices to average $... per mton in 2021 and $... per mton in 2022.
- Under our upgraded upside forecast scenario (...% odds), we are now factoring in the possibility that LME prices could indeed test levels as high as $... per mton in the next few months, averaging $... per mton this year and $... per mton in 2022.