LME prices unable to extend yesterday's gains amid strengthening of the US dollar
March 28, 2019
LME 3M aluminum prices closed the session down 0.4% or $8 per mton at $1,903 per mton. Prices traded inside a narrow band of $1,896–$1,915 per mton but ended the session lower due to: a) continued downward pressure from a strengthening US dollar, b) oil prices briefly testing a two-week low after President Trump tweeted that OPEC should ease any market tighness, and c) yesterday’s news indicating that Alunorte alumina refinery in Brazil seems closer to a full restart. Furthermore, uncertainty regarding US-China trade talks increased somewhat. For now, LME aluminum prices remain in range-trading mode, between $1,850 and $1,930 per mton.
More details in full report.