Aluminum prices in London have spiked to their highest in more than 10 years and are on track for a seventh straight monthly session as limited output in top producer China fueled concerns about tight supply.
Aluminum prices have been supported by production restrictions in China’s metallurgical regions to ease strain on the power grid.
The government in southern China’s Guangxi region, a hub for aluminum and alumina production, has called for tighter controls on energy consumption, according to a statement released after a teleconference. offered by them, raising fears of more production cuts.
Monthly increase in world aluminum production (China and the rest of the world) (compared to the same period last year)
Three-month aluminum prices on the London Metal Exchange rose 2.9% to $2,726.50 a tonne, the highest level since May 2011, before falling to $2,693 a tonne, still up 1.6. %.
The most-traded October aluminum copper price on the Shanghai Futures Exchange closed up 1.2 percent at 21,390 yuan ($3,311.09) a tonne, hovering near its highest since May. August 2008 was 21,550 CNY/ton.
Yunnan is an aluminum hub and has seen several smelters forced to cut output due to power cuts this year.
The China Nonferrous Metals Industry Association held a meeting of top aluminum smelters to tackle what it described as an “unreasonable increase” in prices.
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Aluminum prices hit peak
The aluminum contract traded at a high of $25.75 a tonne against the three-month contract, its highest level since July 2018, suggesting nearby supply is tightening.
One side controls 50%-80% of available aluminum reserves and the above short-term futures contract, exchange data shows.
The average alumina price in China due to supply rose to CNY2,802/ton, the highest since June 2019. Guangxi is China’s third largest alumina producing region with an output of 925,500 tons in July.
Nickel hit a record 149,870 CNY/mt and nickel rose 3.4% to $19,650/mt due to low inventories. Copper rose 1.1% to $9,515 a tonne and copper rose 0.6% to 70,100 yuan a tonne.
Source: VITIC/Reuters
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