The 3-month price of aluminum dropped 0.6% on the London Metal Exchange this week, closing out the third consecutive week of falling prices at $1,853 per metric ton. Closing at $1,833 per metric ton, the cash price of primary aluminum remained unchanged on the LME for the week.
Russia’s 2014 oil output hit a post-Soviet record high average of 10.58 million barrels per day (bpd), rising by 0.7% helped by small non-state producers, Energy Ministry data showed on Friday. More oil capacity generally pushes down all commodities.
Oil and gas condensate production in December hit 10.67 million bpd, also a record high since the collapse of the Soviet Union.
The data showed Russia’s so-called small producers, mostly privately held, increased their output by 11 percent to just over 1 million barrels per day.
The week’s biggest mover on the weekly Aluminum MMI® was European 1050 aluminum, which saw a 4.4% decline to EUR 2,499 ($3,023) per metric ton. European 5083 plate weakened by 3.8% to land at EUR 2,843 ($3,439) per metric ton. Closing at KRW 3,740 ($3.42) per kilogram, Korean 3003 coil premium over 1050 sheet remained unchanged for the week. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 3,890 ($3.56) per kilogram.
Chinese aluminum prices were mixed for the week. The past week saw Chinese aluminum billet close at CNY 13,200 ($2,127) per metric ton after a 3.6% decline. At CNY 12,990 ($2,093) per metric ton, the cash price of Chinese aluminum finished the week down 0.2%. For the third week in a row, the price of Chinese aluminum bar dropped, falling 0.2% to CNY 13,000 ($2,095) per metric ton.
The Indian aluminum cash price declined to INR 118.35 ($1.88) per kilogram after drifting 0.7% since last week.
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