Aluminum prices experience a short-term rally, but mixed signals from China, investment funds, and global economic conditions cloud the future outlook.
Via Metal Miner Aluminum prices remain entrenched within a sideways trend. Following a 2.78% month-over-month decline in February, prices retraced throughout the first three weeks of March to where they currently stand 2.17% above their February close. Overall, the Aluminum Monthly Metals Index MMI moved sideways, with a 2.36% decline from February to March.
For instance, copper appeared net long by the highest margin since February 2022. Meanwhile, aluminum funds remained net short, although the delta narrowed from where it stood in late 2023. While influential, the bias among investment funds does not necessarily dictate market direction.
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