BEIJING: Aluminium prices in Shanghai jumped on Thursday to their highest levels in more than two years as investors maintained their bullish stance on strong fundamentals of the light metal.
The most-traded July aluminium contract on the Shanghai Futures Exchange was up 3% at 21,935 yuan ($3,025.89) a ton, the highest since March 2022.
Three-month aluminium on the London Metal Exchange climbed 0.7% to $2,785.50 per metric ton, consolidating at an over two-year high hit in the previous session.
Aluminium saw robust demand from top consumer China this year, mainly underpinned by solar and electric vehicles sectors. Prices of its key material alumina were boosted by recent supply disruptions.
Aluminium hits almost two-year high as funds switch from copper
Fanning market sentiment was a higher premium offered by a global aluminium producer to Japanese buyers, a premium of $175 per metric ton for July-September primary metal shipments.
LME copper dropped 0.7% to $10,382.50 a ton, nickel fell 0.8% to $20,335, zinc dipped 0.2% at $3,097.50, tin slid 1.1% to $33,745, and lead slipped 0.8% to $2,302.
SHFE copper slipped 1.1% to 84,000 yuan a ton, tin was down 0.6% at 278,310 yuan, nickel lost 0.9% to 153,900 yuan, while zinc rose 0.2% to 25,120 yuan and lead was flat at 18,910 yuan.
Comments
Comments are closed.