LME prices up to a one-week high on technical buying, although the latest Alunorte developments look bearish
PLME 3M aluminum prices closed the session up 1.3% or $25 per mton, at a one- week high of $1,911 per mton, amid: a) ongoing technical buying near $1,880 per mton and b) expectations that stable US interest rates could help support a recovery in the residential construction market. Base metals outperformed other commodity market segments today, despite downbeat economic data releases from China (industrial profits contracting sharply) and a stronger US dollar. For now, LME aluminum prices remain in range-trading mode, between $1,850 and $1,930 per mton.
More details in full report.