Airbus and Boeing struck and “signed deals to buy some $5 billion of parts and materials from Abu Dhabi on Monday, in a sign Gulf states are seeking a reciprocal boost to their economies from the huge orders they have placed with the plane makers,” reports Reuters.
“Gulf airlines, led by Dubai’s Emirates and Abu Dhabi’s Etihad, struck plane deals worth almost $150 billion – or more, including options – on the first day of the Dubai Airshow on Sunday.”
“The buying spree underscored a shift in power in the aviation industry, as oil-rich, fast-growing economies of the Gulf take advantage of their strategic position between East and West to draw more travelers from hubs in Europe and Asia.”
“While the orders are a big boost to Airbus and Boeing, the world’s dominant civil aircraft manufacturers, suppliers in Europe and the United States are worried they will suffer from the growing globalization of the aircraft supply chain, in which Gulf firms are playing a part.”
With a decline of 0.4 percent on the LME to $1,786 per metric ton on Friday, November 15, the aluminum 3-month price recorded the biggest decline of the day. On the LME, the cash price of primary aluminum fell 0.3 percent to $1,740 per metric ton. The Indian aluminum cash price remained essentially flat.
Chinese aluminum prices were flat for the day. The cash price of Chinese aluminum remained essentially flat. The price of Chinese aluminum scrap showed little movement last Friday. Chinese aluminum billet stayed flat. The price of Chinese aluminum bar was unchanged.