March 20, 2019
SHFE two-month aluminum prices closed the overnight session up 0.7% at a year-to-date high of 13,760 yuan per mton ($1,772 per mton, excluding VAT) amid upbeat sentiment around China’s property market and improving technical momentum. However in after-hours, prices failed to sustain levels above 13,800 yuan per mton ($1,777 per mton, excluding VAT) after President Trump suggested that tariffs on Chinese goods may remain in place even if a trade deal is reached. A potential short-term rally would face strong resistance at the 200- day moving average threshold (14,000 yuan per mton, or $1,800 per mton ,excluding VAT).
More details in full report.