The London Metals Exchange aluminum load-in, load-out controversy got another voice this week, that of US Rep. Bob Goodlatte (R-Va.) who chairs the House Judiciary Committee who spoke critically of the LME and the oversight of the US Commodity Futures Trading Commission on the House floor.
Edmunds.com reported that Ford Motor Co., apparently very satisfied with its soon-to-be-released aluminum-bodied Ford F-150 truck, is planning aluminum bodies for SUVs made on the same production lines, as well.
The week’s biggest mover on the weekly Aluminum MMI® was the 3-month price of aluminum, which saw a 2.5 percent increase on the LME to $1,868 per metric ton. This week marked the third in a row of rising prices for the metal. At $1,833 per metric ton, the primary aluminum cash price finished the week 2.3 percent higher on the LME. The Indian aluminum cash price rose 0.3 percent this week, closing out the third week at INR 112.55 ($1.87) per kilogram.
Chinese aluminum prices were mixed for the week. Closing out the third week of rising prices, the Chinese aluminum cash price increased by 1.3 percent, landing at CNY 12,915 ($2,076) per metric ton. Chinese aluminum bar traded sideways last week, hovering around CNY 14,200 ($2,283) per metric ton. Following a steady week, prices for Chinese aluminum billet closed flat at CNY 13,590 ($2,185) per metric ton.
At KRW 3,740 ($3.59) per kilogram, the week finished with no movement for Korean 3003 coil premium over 1050 sheet. Closing at KRW 3,890 ($3.74) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week. Prices for European 5083 plate remained constant, closing the week at EUR 2,486 ($3,423) per metric ton. At EUR 2,052 ($2,825) per metric ton, the week finished with no movement for European 1050 aluminum.
The Aluminum MMI® collects and weights 12 global aluminum price points to provide a unique view into aluminum price trends. For more information on the Aluminum MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.