LME prices drop to a two-week low on mounting fears of a global economic slowdown and continued demand disruption
March 26, 2019
LME 3M aluminum prices closed the session down 1.1% or $20 per mton at $1,883 per mton. Prices are testing a near-two-week low of $1,879 per mton as they continued to be pressured down by fears of a world economic slowdown, given the ramifications of last week’s economic assessment by the Fed and Friday’s data showing a sustained deterioration in world manufacturing activity (amid contraction in Germany and slowdown in the US). Prices are now eying $1,850 per mton, the low end of the current trading range. From a medium-term standpoint, we continue to believe that prices have not bottomed out yet.
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