Aluminum prices have no period or support

Aluminum prices have weakened this week, and the technical chart has remained weak, prompting technical funds to close long positions and pressure prices at the major resistance level of $1,720. High oil prices and strong Chinese demand have supported the long-term price of aluminum, and China’s aluminum demand growth will remain at around 20% year-on-year. Newer official reports show that more aluminum will be used in automobile manufacturing to save fuel consumption and reduce pollution. Therefore, Antaike expects that China's aluminum consumption in the automotive industry will increase from the current 60 to 800,000 tons to 2 million tons in 2010.

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