Aluminum climbed for the first time in three days as labor-market gains added to signs of a strengthening US economy, bolstering demand prospects for the metal used in construction, automobiles and cans.
The 4-week moving average of Americans filing claims for unemployment benefits dropped to the lowest in more than 14 years, a government report showed today. Yesterday, ADP Research Institute said companies in October added 230,000 jobs, the most since June.
Following two days of increases, the Indian aluminum cash price dropped by 0.4% to end at INR 126.40 ($2.06) per kilogram on Wednesday, November 5. On the LME, the aluminum 3-month price rose 0.3% to $2,049 per metric ton. The cash price of primary aluminum weakened by 0.3% on the LME, settling at $2,050 per metric ton.
Chinese aluminum prices closed flat for the day. The price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,995) per metric ton. For the fifth day in a row, the price of Chinese aluminum billet remained essentially flat at CNY 13,590 ($2,213) per metric ton. The price of Chinese aluminum bar remained essentially flat at CNY 14,200 ($2,312) per metric ton. The cash price of Chinese aluminum held steady at CNY 13,960 ($2,273) per metric ton.