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Metallic Momentum: Aluminum, Copper, and Silver Forge Ahead

By Samir Al Khoury,

 

It seems that the upward trend for certain metals, specifically silver, aluminum, and copper, will persist in the next stage. The price of aluminum increased by about 25% from the low point of January 22, 2024, which was $2,147, to the peak recorded on April 22, which reached $2,689. Currently, the price of aluminum is hovering near the $2,500 level. The price of copper also rose by about 26% from the low point of February 9, 2024, which was $8,110, to the peak recorded on April 30, which reached $10,196. Currently, the price of copper is hovering near the $10,000 level. These metals are currently benefiting from several factors, most notably high demand coupled with low supply.

Furthermore, there are expectations that US interest rates will be reduced twice this year, with the first reduction expected in September. This is anticipated to provide positive momentum to these metals which do not generate any return for investors. The lower the interest rates, the more attractive the metals become.

From a technical standpoint, it appears that the upward trend in aluminum prices will persist in the next stage. There is consistency in the 20-, 50-, and 200-day moving averages, all showing an upward trend, with the 20-day average exceeding the 50-day average, and the 50-day average exceeding the 200-day average. The positive movement index (DMI+) is approximately 22 points, compared to the negative movement index (DMI-), which is approximately 14 points. It is noteworthy that there is a significant gap between these two indicators, indicating strong purchasing pressure on aluminum. Moreover, the ADX trend strength index is about 46 points, which is more than 25 points, signifying that the momentum of this upward trend is strong. The Relative Strength Index (RSI) also indicates positive momentum for aluminum, recording approximately 56 points, which is above the 50 level.

Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.

Taurex is the trading name of Zenfinex Global Limited, Stochastic Africa SL Ltd, Zenfinex Global LLC, and Zenfinex Limited.

Zenfinex Global Limited is registered in the Republic of Seychelles with registration number: 8428731-1 and is regulated by the Financial Services Authority of Seychelles (license number SD092). Its registered office address is F20, 1st Floor, Eden Plaza, Eden Island, Seychelles.

Stochastic Africa (SL) Limited is a company registered in Sierra Leone with Company Number: SL270319STOCH05271 and is licensed by the Bank of Sierra Leone under license number BSL/SAL/2023 and with the registered office at 148D Wilkinson Road, Freetown, Sierra Leone.

Zenfinex Global LLC is a company registered with the Financial Services Authority in Saint Vincent and the Grenadines under registered number 138 LLC 2019. Its registered office is Hinds Building, Kingstown, Saint Vincent, and the Grenadines.

Zenfinex Limited is a company registered in England and Wales under registered number: 11077380. Authorised and regulated by the Financial Conduct Authority under firm reference number 816055. Its registered office is 4th Floor, 4 Eastcheap, London, EC3M 1AE, United Kingdom.

*All trading involves risk.

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