Aluminum rose to a two-week high in London as European equities rebounded and inventories of the metal dropped for a seventh session to the lowest since 2012, adding to signs of limited supply.
Prices also increased after China’s consumer-price index rose 2.3 percent from a year earlier in July, below Beijing’s 3.5 percent target, official data showed.
Following a two-day decline, the cash price of primary Indian aluminum climbed up 0.9 percent to end at INR 125.60 ($2.05) per kilogram on Tuesday, August 12. After a 0.6 percent increase, the cash price of primary aluminum finished the day on the LME at $2,030 per metric ton. On the LME, the aluminum 3-month price rose 0.5 percent to $2,033 per metric ton.
Chinese aluminum prices were flat for the day. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,991) per metric ton. The price of Chinese aluminum billet was unchanged at CNY 13,590 ($2,209) per metric ton. The price of Chinese aluminum bar held steady at CNY 14,200 ($2,308) per metric ton. The cash price of Chinese aluminum saw little movement yesterday at CNY 13,960 ($2,269) per metric ton.