A Bank of America Merrill Lynch report said this week that a 2015 copper deficit looms. Alcoa sold its stake in Jamalco, its Jamaican aluminum joint venture and Novelis closed its primary smelter in Brazil preferring, it said, to rely on recycled scrap to serve the market.
The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary aluminum, which saw a 3.5% increase on the LME to $1,980 per metric ton. This comes on the heels of a 0.4% decline the week prior. The 3-month price of aluminum rose 2.9% on the LME to $1,996 per metric ton after falling 0.5% during the previous week. The Indian aluminum cash price rose 1.6% over the past week to INR 121.50 ($1.98) per kilogram.
Chinese aluminum prices were flat for the week. The Chinese aluminum cash price remained steady from the previous week at CNY 13,960 ($2,273) per metric ton. Closing at CNY 14,200 ($2,312) per metric ton, Chinese aluminum bar remained unchanged for the week. Chinese aluminum billet prices held steady from the previous week at CNY 13,590 ($2,213) per metric ton.
Korean 3003 coil premium over 1050 sheet traded sideways last week, hovering around KRW 3,740 ($3.50) per kilogram. At KRW 3,890 ($3.64) per kilogram, the week finished with no movement for Korean 5052 coil premium over 1050 sheet. Following a steady week, prices for European 5083 plate closed flat at EUR 2,841 ($3,593) per metric ton. European 1050 aluminum remained essentially flat from the previous week at EUR 2,365 ($2,991) 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.