This Morning in Metals: Aluminum price continues to surge

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aluminum price

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This morning in metals news: the LME three-month aluminum price has continued to rise in the leadup to the Thanksgiving holiday; Rio Tinto signed a new agreement to strengthen its partnership with China’s Tsinghua University; and, lastly, New York state is one of the U.S. leaders in renewable energy generation.

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LME three-month aluminum prices gains

Like other metals, the LME three-month aluminum price has showed significant upward momentum this year.

The LME-three month aluminum price closed last week at $1,995 per metric ton. Aluminum is up 8.22% from the previous month.

Furthermore, since its April trough, the price has increased 37%.

Rio Tinto strengthens partnership with Tsinghua University

Miner Rio Tinto announced it is strengthening its partnership with China’s Tsinghua University.

The firm said it is committing an additional 30 million yuan ($4.5 million) over the next five years to support research projects at the Tsinghua-Rio Tinto Joint Research Centre for Resources, Energy and Sustainable Development.

“The partnership will continue to focus on sustainability issues, particularly those that support Rio Tinto’s 2050 net zero carbon emissions strategy and the company’s collaboration to reduce carbon emissions and improve environmental performance across the steel value chain as part of the separate Rio Tinto-China Baowu Steel Group-Tsinghua University Partnership,” Rio Tinto said in a release.

New York state fourth in renewable electricity generation

According to the Energy Information Administration (EIA), New York state ranked fourth in the U.S. in electricity generated by renewable sources in 2019.

New York state generated 39.4 million megawatthours of renewable electricity generation in 2019. The figure accounted for 30% of the state’s electricity generation last year. Furthermore, hydroelectricity accounted for the largest share of the state’s renewable energy mix.

In addition, New York state generated more electricity from renewable energy sources than any state east of the Mississippi River.

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