Markets

LME aluminium to retrace to $2,208/T

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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.

No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.

Copyright Reuters, 2011