MARKET TALK: LME Copper Determining Aluminum Price Direction

LME aluminum's near-term price direction is being determined by copper with the market firmer despite expectations of a price slide lower through the 2Q, says HARBOR Intelligence. A return to $3,000/ton is possible, HARBOR notes, but two consecutive strong closes are needed before the upside momentum in aluminum is confirmed. Producer selling continues to provide a potential cap on fresh gains, HARBOR adds. LME aluminum is last at $2,880/ton, -1% overnight but +3% from Tuesday's low.