SHANGHAI: Shanghai aluminium prices rose on Friday, hovering near a 11-year high, on supply worries in China amid a fresh round of electricity restrictions in major producing province of Yunnan. The most-traded September aluminium contract on the Shanghai Futures Exchange closed up 2.6percent at 20,085 yuan ($3,108.94) a tonne, near a January 2010 high of 20,530 per tonne. Three-month aluminium on the London Metal Exchange rose as much as 0.5percent to $2,605.50 a tonne, its highest since April 2018 and on track for its sixth straight monthly gain. “(Prices are rising) because of Yunnan’s electricity control,” said a China-based trader.
Aluminium producers in Yunnan province received a notice from local authorities to restrict their power consumption, with aluminium smelter Yunnan Shenho - a unit of China’s Henan Shenhuo Coal & Power Co Ltd - set to miss its 2021 output target due to the power cut.
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