Aluminum has risen to its highest level in nine months after investors cut bearish wagers and UC Rusal, the world’s biggest producer, said capacity closures and an export ban could see prices test $2,000 a ton in the next couple of months, according to the Financial Times.
On Monday, aluminum for delivery in three months on the London Metal Exchange rose 2.3 percent to $1,913 a tonne – its highest level since last August.
At $1,897 per metric ton, the aluminum 3-month price moved up 3.2 percent on Tuesday, June 10, making it the day’s biggest mover on the LME. On the LME, the primary aluminum cash price rose 2.9 percent to $1,870 per metric ton. At INR 113.95 ($1.92), the cash price of primary Indian aluminum finished the market day up 2.9 percent per kilogram.
Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum gained 0.2 percent to finish at CNY 13,320 ($2,134) per metric ton. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,963) per metric ton. The price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,178) per metric ton. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row, remaining around CNY 14,200 ($2,275) per metric ton.