Aluminium prices are managing to hold above $1,900/tonne, and are doing a far better job of it than we expected. They extended gains to $1,959/tonne last week, from a previous high the week before at $1,938.50/tonne. This suggests that the underlying buying is managing to soak up batches of selling and that looks encouraging, but we do expect the selling to continue and that might either end up capping the advance, or lead to a gradual step-up pattern on the chart.
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