Chart of the day - Aluminum (24.05.2021)

The price of aluminum has fallen from its recent high by almost 12%, while during today's session the price opens with a 2% bearish price gap. The commodity price started trading near the 23.6 Fibonacci retracement of the recent upward wave and which coincides with the upper limit of the earlier broken upward trend channel.

Industrial metals prices are falling due to two factors. The first is primarily related to China and the government's reaction to the clearly rising prices. China has instructed companies to place "normal" and "market" orders for raw materials and not to build up inventories, clearly putting pressure on prices. The Development and Reform Committee (NDRC) has called on key companies to provide explanations on the matter. In addition, the commission indicated that it intends to enter the regulatory path to stop the huge price increase.

An additional factor is the potential reduction in US infrastructure spending. For now, there is talk of a reduction to $ 1.7 trillion from $ 2.3 trillion, but Republicans point out that the cut in future spending is still too small for the bill to pass.

The price of aluminum is falling more sharply than the price of copper. Source: xStation5

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