Chart Book
PUBLISHED : Monday, 25 August, 2014, 3:34am
UPDATED : Monday, 25 August, 2014, 3:34am

Chart of the day: Shanghai aluminium shines

BIO

Nicole Elliott is a technical analyst with 32 years experience of financial analysis working for some of the world’s biggest investment banks. Her key expertise is in foreign exchange, interest rate products, bullion, indices and commodities markets. Nicole is a regular TV commentator on financial markets and has authored books on technical analysis for financial professionals. She has a BSc from the London School of Economics.
 

Shanghai aluminium has its strongest weekly close since October last year. Rolling third-month futures rose after three weeks of consolidation, with weekly volume above average and open interest rising. Meanwhile, talks between Rusal, the world's largest aluminium firm, and the world's biggest buyers - the Japanese - started with a record premium over London Metal Exchange prices of US$460 per tonne for the fourth quarter of this year. These are benchmark talks for Asian markets and underline strong demand. A rally from current levels to 15,000 yuan (HK$18,880), a 38 per cent Fibonacci retracement from last year's high, would not be a surprise.

Nicole Elliott is a technical analyst

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