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16 Jan 2025

Aluminum gets a short boost – ING

LME aluminum prices touched their highest in nearly a month this Wednesday, topping $2,600/t following the news that the European Union is considering more sanctions on Russian aluminum products. Prices later gave up the gains, ING’s commodity analyst Ewa Manthey notes.

EU is expected to adopt the new measures next month

“The draft measures would be part of the EU’s 16th package of sanctions, marking the third anniversary of the war. Restrictions on aluminum would be gradual, with a timeframe and scope still to be determined, according to reports. The draft proposals are still being discussed between member states and could change before they are formally presented. The EU is expected to adopt the new measures next month.”

“The US and the UK banned the import of metals produced in Russia in 2024. The EU has so far banned aluminum products, including wire, tube, pipe and foil, which account for less than 15% of EU imports. Russia is the world’s largest aluminum producer outside China, accounting for about 5% of global aluminum production.”

Jan 16, 2025

USD/JPY: Likely to trade with a downward bias – UOB Group

US Dollar (USD) is likely to trade with a downward bias; any decline is viewed as part of a lower range of 155.80/157.00. In the longer run, rapid increase in momentum indicates further USD weakness, with a technical target at 154.90, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.  
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Jan 16, 2025

USD/CNH: Above 7.3250 the 7.3700 level to come into view – UOB Group

US Dollar (USD) is expected to continue to trade in a range, most likely between 7.3350 and 7.3550. In the longer run, upward momentum is beginning to fade; a breach of 7.3250 would suggest that 7.3700 is not coming into view, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.   
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