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LME prices hold in range-trading mode, still attempting to consolidate a downward breakout

LME 3M aluminum prices closed marginally higher at $1,886 per mton, up 0.2% or $3 per mton from yesterday. After testing a new two-week intraday low of $1,874.50 per mton, prices bounced back late in the session supported by: a) short-term technical buying, b) easing market fear levels, and c) oil prices climbing near four-month highs. Aluminum prices remain in range-trading mode, between $1,850 and $1,930 per mton.


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