Markets
LME aluminium may fall to $1,544 this week
- The metal is expected to test a support at $1,544, a break below which could cause a fall to $1,510.
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SINGAPORE: LME aluminium may fall to $1,544 per tonne this week, as suggested by a retracement analysis.
The analysis is on a downtrend from $1,834 to $1,455. It reveals a break below a support at $1,600, the 38.2pc level.
The metal is expected to test a support at $1,544, a break below which could cause a fall to $1,510.
A break above $1,600 could confirm the continuation of the uptrend towards the range of $1,645-$1,689.