The LME aluminum price hiked by 1.64% on Monday as of 14:10 Taipei time, reaching US$3,124.5/ton. Aluminum futures on the Shanghai Futures Exchange (SHFE) also rose by 3.1% to RMB 22,300/ton, hitting a three-month high.
The hike in both LME and SHFE aluminum futures was due to supply concerns. LME aluminum inventories have hit the lowest level since 2007 as tensions rose in Ukraine, which triggered concerns on exports from Russia, one of the world's main aluminum producers. Besides, many aluminum smelters in China and Europe were forced to close due to surged electricity prices, which tightened the aluminum supply.
Back to Steel News
Comments
No comment yet.