LME aluminium to fall to $2,228/T

Friday, 10 February 2012 10:56

SINGAPORE: LME aluminium will drop to the Thursday low of $2,228 per tonne, as the surge to $2,303 in the same trading session seems to have completed a five-wave cycle that started from the Feb. 3 low of $2,191.

This cycle also makes up a bigger wave (5), the last wave of an uptrend that started from the Dec. 29, 2012 low of $1,980.50, making a further surge above $2,303 unlikely.

A rise above $2,315 may open the way to $2,370.

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