Aluminum prices on August 30 hit a 13-year high on concerns about tight supply

Aluminum prices on August 30 hit a 13-year high on concerns about tight supply

The most traded aluminum for October delivery on the Shanghai Futures Exchange rose 3.2% to 21,355 CNY. Copper prices traded on the Shanghai bourse rose 1.6% to CNY69,960/ton, nickel rose 2.5% to CNY144,450/ton, tin rose 1% to CNY241,400/ton, while lead fell 0. .4% to 15,315 CNY/ton

Aluminum prices in Shanghai on August 30 hit their highest level in more than 13 years, due to pressure on China’s supply and optimism after US Federal Reserve Chairman Jerome Powell issued a policy. more moderate in the long-awaited speech.
The most-traded October aluminum price on the Shanghai Futures Exchange rose 3.2% to 21,355 CNY ($3,302.56 a tonne, the highest since August 8, 2008, before falling. slightly traded at 21,280 CNY/ton, up 2.9%.
A province in China’s Xinjiang region has imposed output limits on five aluminum smelters starting in August as part of an effort to stem illegal production. The move entailed some aluminum production disruptions due to power cuts in China earlier this year.
China’s National Development and Reform Commission on Friday said it would encourage aluminum smelters in the country to increase their use of non-hydroelectric forms of renewable energy, such as wind power and electricity. solar energy, potentially breaking the trend toward hydroelectricity. – rich regions like Yunnan.
Powell’s wait-and-see approach in Friday’s speech gave investors and market participants reassurance that the central bank’s extraordinary efforts to support the economy likely to support riskier assets for some time to come.

Copper prices traded on the Shanghai bourse rose 1.6% to CNY69,960/ton, nickel rose 2.5% to CNY144,450/ton, tin rose 1% to CNY241,400/ton, while lead fell 0. .4% to 15,315 CNY/ton.

Source: VITIC/Reuters

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