Aluminum to become the strongest industrial metal, continues breaking to new YTD highs – Credit Suisse
|Until recently, copper has been the strongest industrial metal, but aluminum (LME) has started to outperform and is also breaking out to new highs. We stay bullish and expect further significant gains.
Aluminum to have $2718, the April 2018 high, in its sights
“Aluminum has already broken the $2375 May 2018 high and stays on course for the even more important 78.6% retracement of the whole 2018/2020 downmove at $2448, which we would expect to cap at first. However, beyond here in due course should open the door to a move back to $2718, the April 2018 high.”
“Only below the 63-day average, currently at $2188, would let thoughts of a trading range reemerge, which is not our base case.”
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