04 APRIL 2013Menafn.com
Aluminum breaks below key support at 1900 a metric ton
Edited by : AL CIRCLE
1 min read
Three-month aluminum falls to October 2012 lows in Asian trading on the London Metal Exchange, with a break below major psychological support at 1,900 a metric ton likely to spur further selling later in the day.
Aluminum is trading at 1,897.75/ton, down 0.3% from its previous settlement as prices move lower across the complex due to concerns over China property curbs and weaker-than-expected manufacturing data released Monday.
A Singapore-based trader says the move lower isn't surprising given prevailing bearish sentiment in the base metal market. He notes that tightness in aluminum's June-July spread remains a focus for many market players as well as the recent slide in outright LME prices. Aluminum is trading 8.5% lower since the start of the year.
Aluminum is trading at 1,897.75/ton, down 0.3% from its previous settlement as prices move lower across the complex due to concerns over China property curbs and weaker-than-expected manufacturing data released Monday.
A Singapore-based trader says the move lower isn't surprising given prevailing bearish sentiment in the base metal market. He notes that tightness in aluminum's June-July spread remains a focus for many market players as well as the recent slide in outright LME prices. Aluminum is trading 8.5% lower since the start of the year.
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