LME Aluminum Firm, Profit-Taking Now tempting

LME aluminum roses to 21 months high of $3,010/ton overnight but “bears will undoubtedly look for any signs that the upward momentum is beginning to fade, with profit-taking likely to prove too much of a temptation for some,” says Standard Bank, Market appears to be forgetting power issues in South Africa, falling production levels in China, high levels of LME stocks waning forward momentum could prompt profit taking. But momentum prone to change suddenly, as overnight rally showed; technical, options related buying move prices close to $3,000; momentum buyers now jumping on bandwagon, LME 3-month aluminum last at $2,993, up $17 vs PM kerb.