LME prices closed today above the $1,850 per mton interim resistance threshold, a close above $1,855 per mton tomorrow could open door for more gains
LME 3M aluminum prices closed the session up 0.5% or $10 per mton at $1,855 per mton. Prices rallied to a near-three-week high, now testing the $1,850 per mton interim resistance threshold as they were underpinned late in the session by rumors that the US would delay the potential implementation of tariffs on auto imports by six months. Earlier in the session, aluminum had continued to find support around $1,830 per mton, as SHFE aluminum prices reached a new seven- month high on rising domestic alumina prices. A close tomorrow above $1,855 per mton would open door for rally towards $1,930 per mton.
More details in full report.