Aluminum market sentiment remains downbeat with slowdown in Chinese imports and ongoing debt problems in Europe, says a Tokyo-based trader. “While in the long-term, (aluminum) prices could go up, but in the short-term, it could slip below $1,900/ton,” she says. Chinese metal demand continueto be an area of concern, while the demand in Japan is likely to remain subdued this quarter, she adds. Technical charts also indicate a bearish trend with prices likely to move toward $1,850/ton, Barclays says in a note. LME 3-month aluminum is at $1,908.75/ton, down $3.25 from its previous close.
By Dow Jones Newswires