Since CRU's last publication, the LME 3-Months aluminium price continued to nosedive. From mid February's peak of $2,165/t, the aluminium price fell below a key support level of $1,900/t, and is trading below its 50, 100 and 200 days moving averages. The sharp decline in the price was not unique to the light metal alone, as it was broadly observed across most LME traded metals (see chart). Whilst the initial downward move at the end of February was triggered by a falling Brent crude price and a strengthening US dollar, a succession of price declines resulted in the breaching of key technical levels.
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