Eoin Treacy's view

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Considering the depth of the pullback on Wall Street yesterday and in the initial weakness today it would have been reasonable to expect a more pronounced impact on industrial resources today. In fact, the sector shrugged off tech sector volatility and a number of the industrial resources closed higher in a dynamic fashion.

Aluminium has been trending lower since early 2018 but found near-term support in the region of the 2015 lows in March. It rallied over the last six months to break the downtrend but some consolidation is likely before the recovery is improved upon.

Copper has spent the last two months ranging around $3. The price rallied impressively today to countermand yesterday’s weakness and a sustained move below $2.80 would be required to question medium-term scope for continued upside.  

Regardless of the political outcome, once the coronavirus is conquered infrastructure is likely to be a significant theme in most countries. There is both a need to build or replace large pieces of transportation and energy infrastructure and a requirement to find work for millions of unemployed people. That’s likely to be beneficial for industrials resources.