Prices fall on technical selling and Trump's comments on Chinese tariffs; Fed's latest interest rate outlook is bearish for aluminum
March 20, 2019
LME 3M aluminum prices closed the session down 0.5% of $9 per mton at $1,937 per mton. Late in the session, prices plunged from a three-month intraday high of $1,951 per mton after President Trump implied that tariffs on Chinese goods would not be immediately rolled back even if a bilateral deal is signed in the coming weeks. As a result, aluminum prices failed to breakout away from the $1,850-$1,930 per mton range. From a medium-term standpoint, we continue to believe that prices have not bottomed out yet.
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