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Print[Ferro-Alloys.com] Aluminum prices have fallen immediately following the past quantitative easing actions by the Federal Reserve before rebounding sustainably, said Harbor Aluminum in a snippet.
Aluminum price declines after QE 1 and QE 2 “were initially followed by price declines that ranged between USD78 and USD412 per metric ton before a sustainable rally kicked in. We are not saying this pattern will repeat itself; our goal is to recognize and consider the possibility,” the firm added.
Additional, Harbor pointed out other factors weighing on aluminum near-term: “the second half of September is usually weak for prices and that LME and SHFE inventories are experiencing sizeable buildups (the former given movement of stealth stocks to the LME and the latter given weak market conditions).”
“Latest global manufacturing data points are still consistent with recession. Producers continue to disappoint by not closing capacity as much as the market would like. Not much is aligned yet for us to call for the start of a sustainable upward trend in prices,” they concluded.
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