Aluminum MMI®: Low Warehouse Inventory, Higher Prices

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Aluminum rose to a two-week high this week as European equities rebounded and London Metal Exchange warehouse inventories of the metal dropped for a seventh session to their lowest since 2012, adding to signs of limited supply.

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As a result, hedge fund managers and other speculators are increasing their bets on aluminum.

Rising 2.5 percent on the LME to $2,043 per metric ton, the aluminum 3-month price saw the largest increase on the weekly Aluminum MMI® this week. The cash price of primary aluminum rose 2.2 percent on the LME over the past week to $2,026 per metric ton. The cash price of primary Indian aluminum fell 1.0 percent to INR 123.95 ($2.03) per kilogram after rising 1.9 percent the week before.

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Chinese aluminum prices were flat for the week. The cash price of Chinese aluminum remained steady from the previous week at CNY 13,960 ($2,268) per metric ton. Closing at CNY 14,200 ($2,307) per metric ton, Chinese aluminum bar remained unchanged for the week. Chinese aluminum billet remained essentially flat from the previous week at CNY 13,590 ($2,208) per metric ton.

Prices for Korean 3003 coil premium over 1050 sheet remained constant, closing the week at KRW 3,740 ($3.63) per kilogram. Closing at KRW 3,890 ($3.78) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week. At EUR 2,728 ($3,646) per metric ton, the week finished with no movement for European 5083 plate. Following a steady week, prices for European 1050 aluminum closed flat at EUR 2,275 ($3,041) 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.

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