The aluminum and nickel are so important industrial commodities of global forex market under today’s world conditions. There has been a recovery in the last three months of metal prices, which have been experiencing large declines in the forex market in recent years. The demand for metals that started after the US presidential election lasted for a while. It is very important that after January 20, US President Trump will fulfill his pre-election promises after taking over the presidency. Trump came to buy metals with tax cuts and the expectation that it will focus on the construction sector. Another giant that keeps the metals strong is the big railway investment that China will make. This expectation also contributes to the prices of iron and aluminum. China's plans to invest close to 500 billion USD in next three years support aluminum and steel prices. Yuan's appreciation also affects metal prices positively.
When we look at the global nickel prices, 2016 was a positive year for the traders on the market. The starting point was at 8,495 level at the beginning of last year, and the closing point was 10,057 level at the end of 2016. Nickel is trying to hold on to the support of the metal 9,950 which falls from the level of 11,950. If you can not stay here, the decline can go towards 9,600. 10,350 will work as initial resistance in up-reacting.
On the other hand, we could observe a strong positive trend on aluminum market during the year of 2016. The starting point was at 1,488 level at the beginning of last year, and the closing point was 1,702 level at the end of 2016. Aluminum can continue up to 1,630 if prices do not exceed 1,800 and if the decline does not stop at 1,675. Up to 1,700 must be exceeded to start the upward movement. There will be 1,730 resistance level on the market. Finally, according to the biggest Indian corporations which are performing operations in aluminum market globally, there will be a production increasement about more than 3 % until the end of first quarter of 2017.
- Date: 08 January 2017 Sun 22:36
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