LME prices bounce back amid technical buying and weaker US dollar
March 12, 2019
LME 3M aluminum prices closed the session up 1.4% or $26 per mton at $1,873 per mton, posting their strongest daily gain in three weeks amid: a) steady technical buying emerging around $1,850 per mton (the 200-week moving average), b) the US dollar weakening further as market fear continued to ease, and c) unionized workers from ABI’s smelter in Canada rejecting Alcoa’s latest labor contract offer to end a fourteen-month lockout. Prices continue to struggle to break away from the $1,850–$1,880 per mton trading range.
More details in full report.