Aluminum price rose sharply after Bloomberg reported that the US is ready to impose a 200% tariff on Russian-made aluminum as soon as this week in order to put further pressure on the Kremlin as the one-year anniversary of the invasion of Ukraine nears, according to people familiar with the situation. Following these news, aluminum price bounced off local support at $2510. As long as price sits above, the upward move may accelerate towards the recent high at $2680, which is marked with the upper limit of the 1:1 structure.
Aluminium, H4 interval. Source: xStation5
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