LME facing a technical test at $1,800/t

摘要

The LME 3-month price reached a low of $1,784.8/t on Wednesday 1 May, the lowest tradedsince January 2017. The move came after a key support was broken last week. In Januarywhen prices moved to a low of $1,785.5/t, aluminium recovered quickly. At the time of writing,the price is back to $1,820/t, a sign that the LME could follow a similar path as in January.The SHFE cash price has recovered in April, trading to a high of RMB14,210/t. Japan iscurrently on a ten day holiday from April 27 to May 6 to celebrate the enthronement of thecountry’s Crown Prince Naruhito, while China has a four day break as part of labour daycelebrations. Trading in Asia has been thin as a result.