The London Metal Exchange started its activity on July 11 (July 20) while the cash selling price of aluminum was announced at $2416 (ton). According to this report, on Friday, July 15 (July 24), the one-month sale of this metal reached 2326 dollars and 50 cents.
The quarterly sale of aluminum metal reached $2339 (ton) with a significant decrease on the last day of the stock market. The inventory of aluminum metal reached 333,000 tons from 347,175 tons on Friday. Since March 7, the aluminum metal has been in a downward pattern, and due to the achievement of the technical minimum at the same time as the inventory of aluminum in the London Metal Exchange decreased, it can be hoped that this metal will cross the downward price line and start an upward trend again. be made
This week started on Monday when the aluminum metal crossed the minimum price and we again saw the price of this metal increase to 24426 dollars and 50 cents.
If aluminum is placed in this movement pattern, it is expected that aluminum will cross the border of $2960 (ton).
Currently, aluminum metal has reached the “price floor” of the 50-day moving average, and if this metal can stabilize its movement above this moving average, we can confidently expect an upward trend from this metal.