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LME prices rally the most in four months, meeting interim resistance at $1,850 per mton


Prices experienced the strongest daily increase in four months, rising by 2.0% or $36 per mton to $1,845 per mton. Aluminum closed the session near a two-week intraday high of $1,846.50 per mton bolstered by gains across the base metals complex (amid easing concerns about US-China trade tensions), and outperformed as Shanghai aluminum prices reached a seven-month high (fueled by concerns about potential alumina output cuts in China’s Shanxi province). If prices close above the $1,850 per mton interim resistance threshold, a short-term rally toward $1,900 per mton would likely follow.

More details in full report.