This morning in metals news: Norsk Hydro recently resumed production at its Husnes aluminum plant; the Census Bureau recently released the latest data on new housing starts; and copper prices continue to rise.
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Norsk Hydro resumes production at Husnes B-line
Oslo-based Norsk Hydro announced the restarts of production at its Husnes aluminum plant after having operated at half capacity since 2009.
The A-line at Hydro’s Husnes plant produces about 95,000 tonnes of aluminum annually. Hydro added it will ramp up output to around 195,000 tonnes as it restarts 200 electrolysis cells in the one-kilometer-long B line.
Hydro President and CEO Hilde Merete Aasheim said the restarts are based on a “combination of increased demand for aluminum and expectations that Norway will continue to utilize EU’s emissions trading system (ETS) for 2021-2030.”
Strong October for housing starts
In addition to the Norsk Hydro news, U.S. housing starts reached a seasonally adjusted annual rate of 1.53 million in October. The October rate marked a 4.9% increase from September.
Furthermore, the October rate marked a 14.2% increase year over year.
Meanwhile, single-family housing starts in October hit a rate of 1.18 million, up 6.4% from September.
In addition, the October rate for units in buildings with five units or more hit 334,000.
Lastly, the copper price shows no signs of slowing down.
Positive news regarding potential COVID-19 vaccines and the beginnings of the presidential transition have seemed to stabilize and boost markets. In turn, the copper price has surged above $7,300 per metric ton.
The LME three-month copper price closed Tuesday at $7,314 per metric ton, marking a 7.17% month-over-month increase.
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