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BASE METALS:LME Metals Close Mostly Lower; Aluminum Bucks Trend
Edited by : AL CIRCLE
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Base metals closed mostly lower on the London Metal Exchange Monday, with only aluminum managing to shrug off broad-based risk aversion to end the day in positive territory.
At the PM kerb close, LME three-month aluminum was 1.1% higher at $2,619.50 a metric ton after hitting a near-six-week high of $2,624/ton in earlier trade. Flagship copper closed 0.2% lower at $9,655/ton.
Aluminum's second consecutive close above $2,600/ton Monday signifies a technical breakout and should trigger further gains, said analysts. However, if the uptrend falters, the metal could be vulnerable to declines through $2,451/ton, said Sucden Financial analyst Brenda Sullivan.
At the PM kerb close, LME three-month aluminum was 1.1% higher at $2,619.50 a metric ton after hitting a near-six-week high of $2,624/ton in earlier trade. Flagship copper closed 0.2% lower at $9,655/ton.
Aluminum's second consecutive close above $2,600/ton Monday signifies a technical breakout and should trigger further gains, said analysts. However, if the uptrend falters, the metal could be vulnerable to declines through $2,451/ton, said Sucden Financial analyst Brenda Sullivan.
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