Aluminium climbs to three-week high as tightness back in focus
LONDON: Aluminium rose for a fifth straight session on Thursday, touching its highest in three weeks on continued supply tightness and a slight improvement in economic risk sentiment that also boosted other industrial metals. Benchmark three-month aluminium on the London Metal Exchange was up 0.4% at $3,298 a metric ton by 0910 GMT. The metal earlier hit $3,306.50 for its highest since August 13. “Aluminium is supported by physical market tightness and expectations of firmer seasonal demand in China,” said ING commodities strategist Ewa Manthey. LME aluminium stocks of 245,975 tons are the lowest since 1990. In top metals consumer China, Shanghai Futures Exchange inventories have fallen for 11 weeks running from a six-year high of 528,885 tons on June 12 to 391,498 tons. Analysts expect the aluminium market to remain in deficit this year despite hopes for returning supply from smelters in the Middle East, which accounts for about 9% of global capacity. Copper, zinc fall as strong dollar weighs on industrial metals Copper climbed 0.4% to $14,268.50 a ton as the LME complex was boosted by a weaker dollar and fading expectations of a September increase to U.S. interest rates. A weaker
Aluminium climbs to three-week high as tightness back in focus
LONDON: Aluminium rose for a fifth straight session on Thursday, touching its highest in three weeks on continued supply tightness and a slight improvement in economic risk sentiment that also boosted other industrial metals. Benchmark three-month aluminium on the London Metal Exchange was up 0.4% at $3,298 a metric ton by 0910 GMT. The metal earlier hit $3,306.50 for its highest since August 13. “Aluminium is supported by physical market tightness and expectations of firmer seasonal demand in China,” said ING commodities strategist Ewa Manthey. LME aluminium stocks of 245,975 tons are the lowest since 1990. In top metals consumer China, Shanghai Futures Exchange inventories have fallen for 11 weeks running from a six-year high of 528,885 tons on June 12 to 391,498 tons. Analysts expect the aluminium market to remain in deficit this year despite hopes for returning supply from smelters in the Middle East, which accounts for about 9% of global capacity. Copper, zinc fall as strong dollar weighs on industrial metals Copper climbed 0.4% to $14,268.50 a ton as the LME complex was boosted by a weaker dollar and fading expectations of a September increase to U.S. interest rates. A weaker
