Bearish macroeconomic environment for LME prices confirmed by the announcement of monetary stimulus in Europe and a strong US dollar.
March 8, 2019
LME 3M aluminum prices closed marginally lower, down 0.1% or $2 per mton to a new two-week low of $1,864 per mton. Prices tested levels as low as $1,857 per mton as the European Central Bank unveiled new monetary stimulus and further slashed economic growth projections for the Eurozone. Failure to remain above $1,830 per mton could unleash fresh selling toward $1,770 per mton.
More details in full report.