Aluminum continued its surge this past week as it continues to climb the LME. After a weak first half of the year, aluminum has become the breakout star of commodities metals.
The prospect of increased automotive and aerospace demand has given analysts a better impression of aluminum production falling into balance with demand later this year. Balance has even picked up in India, where supply has been out of kilter with demand for awhile now.
It’s not surprise, then, that the week’s biggest mover on the weekly Aluminum MMI® was the Indian aluminum cash price, which saw a 2.7 percent increase to INR 119.80 ($1.99) per kilogram. This week marked the third in a row of rising prices for the metal. The primary aluminum cash price rose 2.0 percent on the LME over the past week to $1,962 per metric ton. The 3-month price of aluminum settled at $1,981 per metric ton this week after shifting up 1.6 percent on the LME.
Chinese aluminum prices were mixed for the week. The cash price of Chinese aluminum rose 0.3 percent to CNY 13,450 ($2,168) per metric ton after falling 0.1 percent during the previous week. Chinese aluminum bar remained essentially flat from the previous week at CNY 14,200 ($2,289) per metric ton. Following a steady week, prices for Chinese aluminum billet closed flat at CNY 13,590 ($2,191) per metric ton.
At KRW 3,740 ($3.69) per kilogram, the week finished with no movement for Korean 3003 coil premium over 1050 sheet. Prices for Korean 5052 coil premium over 1050 sheet remained constant, closing the week at KRW 3,890 ($3.84) per kilogram. At EUR 2,561 ($3,485) per metric ton, the price of European 5083 plate did not change since the previous week. European 1050 aluminum traded sideways last week, hovering around EUR 2,236 ($3,042) per metric ton.
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.