The energy crisis continues to provide a strong support, not only for crude prices, but also for industrial metals. Last week aluminium added 9.2% and copper prices gained 9.17%. The absolute leader was zinc that jumped 20.49% in price.
The price of aluminium, which is one of the most energy-intensive commodities, is at a record high. On Monday morning its price...
Just to be honest, how many of you traders knew of Guinea existence before this September? And if You did, how good you knew this country? Can you show it clearly on the map?
Many of market players followed by the crowd are screaming out loud that the military coup in this country is responsible for a spike in aluminium prices. However, if we look at the price...
Malaysia Aluminum Counters have big divergence with Aluminum Futures in the Global Market.
Aluminum Counters submitted a very good growth QR report although MCO 3.0 have been take place since 1st June. But The effect of MCO 3.0 are very minimal. The counters have a very high chance being wrong killing by the despair emotion of MCO 3.0 in the past.
Currently, It...
Slower growth paired with your pick of leading indicators show signs of a global economy needing less aluminum. Supply isn’t in a notable shortfall and consumption isn’t strong enough to warrant such high prices.Commodity prices are likely to come under pressure as monetary policy is tightened around the world.
MCX Aluminium has started falling due to Elliott Wave's ABC correction. Expected A is at 100% or 161% retracement of wave 5.
Therefore, it can start rising from here to the level of 164.4 . The day traders can have the advantage of this impulsive ride of B .
According to ABC correction, we may see the Aluminium prices below 161.6 - 159.4 before the weekend.
According to this chart, aluminium is moving flat under the rectangle pattern. The top of this rectangle is the resistance , and the bottom of this rectangle is the support . The trend is making frequent parallel channels between the support and resistance of this rectangle.
At present, aluminium is playing into support trendline (B) . There is a crucial...
Analysis is based on Ascending Triangle .
Going Long on Aluminium if the price closes above the Upper line of triangle(138.5).
Used Fibonnacci Retracement to find levels of resistance, where I have placed targets.
Target 1- 141.55
Target 2- 145.50
DOWNTREND FROM 2015 ALMOST COMPLETELY RETRACED
PRICE HAS MORE THAN DOUBLED IN 3 MONTHS
SECTOR ROTATION PROBABLY UNDERWAY, GOLD AND OIL ALSO UP
GEOPOLITICAL UNREST IS AFFECTING PRICE:
The inclusion of Russia’s aluminum giant RUSAL on the US sanctions list may significantly alter the metals market, threatening to break global supply chains and spark a deficit...
