HANOI: Shanghai aluminium prices rose on Wednesday, as concerns of supply cuts in top consumer China pushed prices near their highest level in 9-1/2 years.
The most-traded April aluminium contract on the Shanghai Futures Exchange climbed as much as 4.2% to 17,640 yuan ($2,729.00) a tonne, hovering near its highest level since August 2011 of 17,695 yuan a tonne hit on Feb. 26.
Three-month aluminium on the London Metal Exchange rose 0.3% to $2,217.50 a tonne by 0318 GMT. The contract jumped 3.9% in the previous session.
China's Inner Mongolia, a major aluminium producing region, will stop reviewing new projects in industries which consume large amounts of energy including aluminium, as it attempts to meet energy efficiency targets.
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