LME aluminium to retrace to $2,208/T

SINGAPORE: LME aluminum failed resistance at $2,277 per tonne, and is expected to retrace to $2,208.

The resistance is the 50 percent Fibonacci retracement on the fall from $2,476 to $2,077.75, and may serve as an ultimate high the current rebound could reach.

A less bearish scenario will see the metal consolidate between $2,230, the 38.2 percent level, and $2,277 for one trading session before falling towards $2,208.

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