Production cuts buoyed aluminum Thursday on the LME.
In Brazil, aluminum companies are producing at the lowest level in 12 years as threats of summer energy rationing shutdowns continue to plague that market. Alcoa Inc. said it will cut output at its smelter in Geelong, Australia, and Russia’s UC Rusal, the biggest producer, said its output would fall to the lowest in at least eight years, according to Bloomberg News.
The Indian aluminum cash price saw a 2 percent increase on Thursday, April 3, reaching INR 109.45 ($1.83) per kilogram and making it the biggest mover for the day. On the LME, the primary aluminum cash price gained 1.9 percent to finish at $1,776 per metric ton. After a 1.8 percent increase, the 3-month price of aluminum finished the day on the LME at $1,816 per metric ton.
Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum rose 0.3 percent to CNY 12,690 ($2,045) per metric ton. The price of Chinese aluminum scrap saw essentially no change for the fifth day in a row, remaining around CNY 12,250 ($1,974) per metric ton. The price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,190) per metric ton. The price of Chinese aluminum bar continues hovering around CNY 14,200 ($2,288) per metric ton for the fifth day in a row.