Prices testing key short-term resistance levels amid short covering
March 13, 2019
After reaching the low end of the range trading pattern of the last two months, LME 3M aluminum prices experienced solid gains for a second-consecutive session, closing at a near two-week high of $1,905 per mton (up 1.8% or $33 per mton from yesterday). Aluminum outperformed gains across the base metals complex, seemingly supported by declining market fear levels, and better-than- expected US construction spending and European industrial output data. Prices have range traded inside $1,850–$1,930 per mton for most of the year, but the next two weeks could be crucial.
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