Aluminium, along with the rest of the base metals complex, put in a weak performance through the whole of the fourth quarter last year, but whereas many of the metals moved below their summer lows during that time, aluminium held just above. As such, prices have confirmed the support of a well-established base above 2,400 dollars/tonne and have even managed to rally at times, albeit without finding much in the way of follow-through buying interest. However, for the moment at least it does look as though aluminium prices may continue to push higher as the shorts unwind their positions and stories about power cuts in southern Africa and China boost bullish sentiment towards the light metal.
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