This Morning in Metals: Global aluminum production jumps in July

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This morning in metals news: global aluminum production picked up in July; the WTI crude price continues to hover around $70 per barrel; and, lastly, the Producer Price Index for final demand increased by 0.7% in August.

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Aluminum production increases in July

aluminum ingot

WestPic/Adobe Stock

Global aluminum production totaled 5.74 million metric tons in July, the International Aluminum Institute reported.

The total marked an increase from 5.52 million metric tons in July 2020. Furthermore, the total increased from 5.56 million tons in June 2021.

China’s estimated production rose to 3.34 million metric tons in July 2021. The total marked an increase from 3.24 million tons in June 2021.

WTI crude price ticks up

The WTI oil price has continued to hover just under the $70 per barrel mark since late August.

The WTI crude price closed Friday at $69.72 per barrel, the Energy Information Administration reported. The price jumped by $0.43 from the previous week and by $32.42 from a year ago.

PPI rises 0.7%

The Produce Price Index for final demand jumped by 0.7% in July, the Bureau of Labor Statistics reported.

The index had jumped by 1.0% in June and July.

On an unadjusted basis, the index jumped by 8.3% during the 12-month period ending in August 2021. That increase marked the largest 12-month jump since the BLS first started calculating 12-month data in November 2010.

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