Aluminium Extends Gains on Deficit Outlook, ING Says
Aluminium has rebounded after hitting a four-month low, supported by a deficit outlook and lower prices attracting Chinese buyers, according to ING analysts Warren Patterson and Ewa Manthey.
ING analysts Warren Patterson and Ewa Manthey note that aluminium prices have extended their gains after sliding to a four-month low. The rebound is attributed to a favourable deficit outlook and increased buying interest from China as prices fell to attractive levels.
The metal's recovery highlights how lower prices can stimulate demand, particularly from the top consumer China, underpinning the view that the market's structural deficit will continue to support prices.
Source: FXStreet Forex News