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Aluminum Orders Stall as U.S. Buyers Fear Looming Recession(Bloomberg) -- Aluminum buyers in the U.S. are holding off inking new orders over fears that rising inflation and crumbling supply chains may spark a recession.Spot deals have taken a breather in recent weeks as Russia’s invasion of Ukraine added increased uncertainty in a market already facing long wait times and weakening demand, according to several people who trade the lightweight industrial metal. Buyers continue taking delivery of their contracted metal, but recent economic gauges have people worried enough to hold off purchasing extra for their shipments.Read the rest of the article here...Looking at the Aluminium price chart I have to ask will it yet again bounce back up off the 200dma? I am really liking the look of the chart shape.[ATTACH=full]141104[/ATTACH]hold AWC, A4N
(Bloomberg) -- Aluminum buyers in the U.S. are holding off inking new orders over fears that rising inflation and crumbling supply chains may spark a recession.
Spot deals have taken a breather in recent weeks as Russia’s invasion of Ukraine added increased uncertainty in a market already facing long wait times and weakening demand, according to several people who trade the lightweight industrial metal. Buyers continue taking delivery of their contracted metal, but recent economic gauges have people worried enough to hold off purchasing extra for their shipments.
Read the rest of the article here...
Looking at the Aluminium price chart I have to ask will it yet again bounce back up off the 200dma? I am really liking the look of the chart shape.
[ATTACH=full]141104[/ATTACH]
hold AWC, A4N
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