Upside Price Potential Ahead, Bearish Momentum to Resume Later In 2020

Executive Summary

1. LME aluminum prices remain in a bottoming-out pattern, as anticipated by HARBOR.
    

2. Technical price indicators continue to suggest range trading within $1,740-$1,940 per mton into H1 2020.
    

3. However, prices could trend lower in H2 2020 as bearish fundamentals bite.
    

4. In our base scenario, we expect prices to average $1,720 per mton in 2020 and $1,840 per mton in 2021.

More details in full report.