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Since the May 2021 highs, primary aluminum has been in a broad triangular phase, with prices now pressuring against the upper extreme in the $2470/mt area.

The current pattern identifies itself as a symmetrical triangle, with bullish/bearish implications depending on whether prices break through the upper (1) or lower (2) barrier. In this case, if prices should confirm the breaking of the upper barrier (1), the extension of the uptrend could reach the first targets at the highs of May of this year, in the area of 2600 $/ton.

This movement could anticipate what should have happened next month (July). In fact, at a seasonal level, the month of July always shows a strongly positive trend. So check the market very carefully because prices could give clear indications of directional trend. 1° TARGET at 2600 $/ton.

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