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Aluminium may offer defensive position as downside capped

Posted on 24 October 2011

In the current macro environment, Barclays believes Aluminium can offer a good defensive position, given that further price downside is likely limited by the proximity of prices to production costs. At current prices, we estimate as much as 25-30% of global production is losing money. We are neutral on Nickel fundamentals on the view that recent price weakness is overdone but that recovering production will ease market tightness progressively into 2012.

Finally, Lead prices should gain some support if there is a solid recovery in the Chinese battery sector activity in Q4, although evidence is lacking so far………………………………………Full Article: Source


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