首页|Aluminium slumps as funds liquidate positions ALUMINIUM
Aluminium slumps as funds liquidate positions ALUMINIUM
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NSTL
Aluminium at the LME slumped to a three-month low last week following another concerted bout of long liquidation initiated by the funds. The selling sent the three-month contract through support at 1,420 dollars a metric ton, but it was not until 1,415 dollars/ton, where a number of sell-stops were triggered, that he downward momentum picked up pace. The next support level at 1,400 dollars/ton halted the decline briefly, but falls on the copper market added further pressure and the aluminium eventually fell down to 1,395 dollars/ton for the close. Robin Bhar, metals analysts at Standard Bank in London, said further losses down to 1,380 dollars/ton support look likely to emerge this week, but he felt confident that this recent downward shift was part of a correction rather than a shift in sentiment.Others feel that although the upside bias has not been erased, the fund will be looking for further positive economic data from the U.S. before buying into the market again.
NSTL
