HANOI: Shanghai aluminium prices rose to their highest in more than 9-1/2 years on Tuesday, as supply concerns in top consumer China rose after an aluminium hub ordered power cuts and industrial production shutdowns.
The Chinese city of Baotou in Inner Mongolia, a major aluminium producing region, ordered the shutdowns as part of the nation's plan to reduce carbon emissions.
CRU analyst Wan Ling said this could translate to a 100,000-tonne annual aluminium output reduction.
The most-traded April aluminium contract on the Shanghai Futures Exchange climbed as much as 2.6% to 17,980 yuan ($2,765.94) a tonne, a level unseen since August 2011.
The three-month aluminium on the London Metal Exchange advanced as much as 0.4% to $2,227 a tonne.
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