Aluminum officially hit Lead Forecaster Raul De Frutos’ target for a bull market this week, but Editor-At-Large Stuart Burns cautions buyers to pay close attention to the LME court case in the UK as it will have a significant impact on whether aluminum goes into deficit or tons of the warehoused metal literally become available.
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 $2,030 per metric ton. This week marked the third in a row of rising prices for the metal. At $2,010 per metric ton, the primary aluminum cash price finished the week 2.4 percent higher on the LME. The cash price of primary Indian aluminum rose 1.4 percent over the past week to INR 121.45 ($2.03) per kilogram. This was the fourth week in a row of increasing prices.
Norsk Hyrdo reported earnings as well.
Chinese aluminum prices were flat for the week. The Chinese aluminum cash price closed at CNY 13,450 ($2,170) per metric ton after a flat week. Chinese aluminum bar traded sideways last week, hovering around CNY 14,200 ($2,291) per metric ton. Prices for Chinese aluminum billet remained constant, closing the week at CNY 13,590 ($2,193) per metric ton.
Following a steady week, prices for Korean 3003 coil premium over 1050 sheet closed flat at KRW 3,740 ($3.65) per kilogram. Closing at KRW 3,890 ($3.80) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week. European 5083 plate remained essentially flat from the previous week at EUR 2,561 ($3,449) per metric ton. At EUR 2,236 ($3,011) per metric ton, the price of European 1050 aluminum did not change since the previous week.
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.