Aluminum Prices Rise Due to US Duty-Free Plans from Canada and Mexico


How much and how is the condition of frp sheet prices in the last month? The plan was because it turned out that the US import duty-free plan from Canada and Mexico had increased the price of aluminum by one and a half percent. Source from Bloomberg, Kontan lowered the news about aluminum prices starting to increase on Tuesday, March 12, 2019. The 3-month contract on the LME (London Metal Exchange is at the level of 1,873 USD per metric ton from the previous 1,847 USD per metric ton. This figure is seen up 1.40 Meanwhile, in a week, the price of this industrial metal is still down 0.05 percent. Due to the influence of the US dollar, the movement of aluminum prices weakened. This is also in line with the continuation of the Brexit problem. He added that there are indications that traders are hiding behind the strengthening dollar phenomenon. The US so could lead to a potential decline in metal prices.

Meanwhile, aluminum prices could be strong due to plans for aluminum import duties from Canada and Mexico to the US. Canada and Mexico are the only two aluminum suppliers that have been granted a metal tariff permit to the US due to free trade from North America. Brazil and the European Union are still in the process of eliminating tariffs. Japan, Canada, Mexico, and Australia will also get the tariff elimination on steel and aluminum imports. The price of aluminum in trade will continue to rise along with the results of trade negotiations between the United States and China. Meanwhile in China, to stimulate demand for aluminum, this bamboo curtain country will reduce the import tariff for incoming automobiles. The price of aluminum is likely to continue to rise and strengthen to a level of 1,850 USD to 1,900 USD per metric ton. The temporary movement of aluminum prices this week will range from 1,750 USD to 1,900 USD per metric ton. And the increase is technically moving above the MA (moving average) 50, MA 100, and MA 200. Meanwhile, for the RSI indicator, there is an upward movement in the 14 areas, the IDX indicator goes up to the 14 areas and the stochastic goes up to the 14 areas as well.

Leave a Reply

Your email address will not be published. Required fields are marked *