With the exception of Chinese aluminum bar, all metals that make up the monthly Aluminum MMI® fell, causing the price index to drop:
Yet at 90, aluminum serves as the “star performer” for the index series. Only Automotive and GOES MMIs performed better, as now most of the metal indexes have fallen below 90 (and some below 80).
The fundamentals of the aluminum market remain subject to the rest of the news impacting commodity markets, including slower Chinese growth, slower European growth, exchange rates and announcements made by the U.S. Federal Reserve.
MetalMiner’s own internal aluminum forecasting models suggest further price weakness, despite many primary smelters now operating at or near their break-even.