Aluminum Leaps on LME Due to Supply Concerns

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Aluminum prices had their highest one-day jump this year on the LME as  concern that global supplies will be limited hit the markets. The supply issues involve both warehousing and the need for aluminum in uses such as automotive body panels.

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On Wednesday, April 2, the cash price of primary aluminum experienced the biggest change, rising 0.8 percent on the LME to $1,744 per metric ton. On the LME, the aluminum 3-month price increased 0.6 percent to $1,785 per metric ton. The Indian aluminum cash price rose 0.1 percent to INR 107.35 ($1.80) per kilogram.

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Chinese aluminum prices were flat for the day. The cash price of Chinese aluminum ended a two-day climb, settling at CNY 12,650 ($2,038) per metric ton. For the fifth consecutive day, the price of Chinese aluminum scrap held flat at CNY 12,250 ($1,973) per metric ton. The price of Chinese aluminum billet continues hovering around CNY 13,590 ($2,189) per metric ton for the fifth day in a row. The price of Chinese aluminum bar held steady at CNY 14,200 ($2,287) per metric ton.

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