Aluminium 3-month future prices shrugged off declines in the euro following a release of a weak GDP data across the euro zone countries and picked up by $60/tonne to $2,166/tonne during the past week. The stronger tone in aluminium prices was largely attributed to technical buying as the prices broke from the recent trading range at $2,125/tonne on Thursday. Prices started to climb again on Friday as they reached a high of $2,178/tonne - just shy of the $2,184/tonne high from early January. Given aluminium prices have been trading around the upper levels of the range that has held since September last year and not overly bullish sentiment in China after the Lunar New Year, we would not be surprised, if overhead selling now capped the advance and see prices pull back to consolidate at $2,134/tonne.
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