FXStreet reports that aluminium (LME) shot up to a thirteen-year high at 3000 before giving back some of its recent gains. Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, believes that short-term consolidation back towards the 2803.00 2011 high is on the cards.

“Last week, Aluminium overshot the 2011 peak at 2803 and rallied all the way to psychological resistance at 3000 this week before consolidating below this level. Further short-term consolidation back towards the 2803 2011 high is on the cards. 

“Only a slip and daily chart close below the two-month uptrend line at 2779.50 could potentially lead to the May and July highs at 2642.00/2603.00 being revisited.” 

“A rise and daily chart close above the 3000.00 mark would engage the March 2008 high at 3255.00 and also the May 2006 peak at 3310.00. Further up sits the July 2008 high at 3380.10."