LME aluminium to fall to $2,050/T

SINGAPORE: LME aluminum will fall to $2,050 per tonne, as a rebound from the December 2011 low of $1,955.75 has completed.

The rebound has adopted an "a-b-c" corrective wave mode, with the wave "c" having roughly travelled 161.8 percent the length of the wave "a", as indicated by a Fibonacci projection analysis.

The metal bounced off the upper channel line of a rising channel and will find a support at the lower channel line which is about $2,050.

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