LONDON (Scrap Monster): The aluminum prices are likely to range trade between $2,000 and $2,200 per metric ton (91 to 100 cents per pound) for the remainder of the year, said Harbor Intelligence in a snippet.
Analysts with Harbor Intelligence said that the prices are no longer in bearish mode and strong multi-year support has been established around $1,800 per ton (82 cents).
“Nevertheless, we don't see robust fundamental, seasonal, technical, and market-psychological arguments to call for the official start of a sustainable upward trend,” Harbor added.
Global Purchasing Managers Indexes at the start of the week showed US manufacturing activity expanded in September but activity continued to contract in most other key regions.
The firm’s tactical signal, for very short-term metal needs, remains “neutral.” Its strategic signal has been “strong buy” for 2013-2014 metal needs for several months now, although in a series of shots.
“Prices today offer one of the most attractive values we have seen in at least three decades relative to a variety of key metrics including physical demand and supply, inventories, production costs, scrap/secondary prices, China prices, energy, consensus and most bearish price forecasts. Expect the upward trend in regional premiums to continue and reach fresh highs ahead,” Harbor concluded.
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