Short-term bullish on prices, but not fundamentals

摘要

With China having a quiet return to the markets after the Lunar New Year holiday, traders have become more risk-on. Combined with some tightness around the LME February prime date, that led to a firmer tone in aluminium prices, which worked higher to $1,553/tonne by the close on Friday. This breached chart resistance and a further move up above the $1,564/tonne level would now look constructive.