Daily Aluminum Market Roundup: LME Cash Price Drifts Slightly
On June 4, 2012, the day’s biggest mover on global aluminum markets was the LME aluminum cash price, which saw a 1.9 percent decline to $1,936 per metric ton.
Also on the LME, the aluminum 3-month price declined 1.7 percent to $1,979 per metric ton.
The Indian aluminum cash price showed little movement yesterday, holding under $2 per kilogram.
Chinese aluminum prices, however, were mixed for the day.
After three straight days of no change, the price of Chinese aluminum scrap decreased by 0.9 percent. The price of Chinese aluminum billet fell 0.3 percent yesterday after three straight days with no change. The cash price of Chinese aluminum weakened by 0.3 percent. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row, remaining around $2,200 per metric ton.
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When will Aluminum prices start to move up? any guesses? My Aluminum stock AA sucks. Hope some Equuty MGT will buy the company while the stock is really really cheap under $9
Definitely a great question, Vipinkot47, and is anybody’s guess at the moment. Depending on who you listen to, until smelting capacity is cut drastically, coupled with a few other factors, we’re likely to see aluminum prices wallow for a good part of the quarter, if not the rest of the year. Check this story out for more insight: http://wp.me/pEQ9U-6ii