Three-month prices put in a strong performance during the past week, closing at $1,905/tonne on Friday (3.1% up from the week before), fuelled by hopes that the US Fed will maintain loose economic policy after the release of weaker than expected US GDP data for the Q1 2013. Looking at the week ahead, we expect aluminium prices to continue their advance, propelled by improving market sentiment, and by better than anticipated official PMI data from China. We also believe that there is a potential for uplift in aluminium prices due to investors rebalancing away from equity and bonds into base metals, which look relatively undervalued at this point.
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