This morning in metals news: ELYSIS, a joint venture of Alcoa and Rio Tinto, said it is one step closer to the production of carbon-free aluminum; the U.S. trade deficit in September reached $82.9 billion; and, lastly, aluminum and copper prices have leveled off after plunging to close October.
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ELYSIS touts progress toward carbon-free aluminum
ELYSIS, a joint venture of Alcoa and Rio Tinto, said it is one step closer to the production of carbon-free aluminum.
The firm announced it produced aluminum “without any direct greenhouse emissions” at its Industrial Research and Development Center in Saguenay (QC), Canada.
“The production of aluminium at the ELYSIS Industrial Research and Development Center marks the achievement of a significant milestone, using a full industrial design at a size comparable to small smelting cells operating in the industry today,” ELYSIS said.
Furthermore, ELYSIS aims to scale up the technology in 2023 before installation in 2024 and eventual carbon-free aluminum production in 2026.
U.S. trade deficit hits $80.9B in September
The U.S. trade deficit reached $80.9 billion in September, up by 11.2% from the previous month, the Bureau of Economic Analysis reported.
Imports rose by 0.6% to $288.5 billion. Exports fell 3.0% to $207.6 billion.
Furthermore, imports of automotive vehicles, parts and engines fell by $2.2 billion.
Aluminum, copper level off
As we noted last month, after skyrocketing in the first half of the month, aluminum, copper and other metals plunged to close October.
However, over the last week, those metals appear to have leveled off (at least for the time being).
After closing Oct. 18 at $10,270 per metric ton, the LME three-month copper price closed Oct. 26 at $9,605 per metric ton. Furthermore, it closed Nov. 3 at $9,590 per metric ton.
Meanwhile, LME three-month aluminum peaked at $3,200 per metric ton. It then closed at $2,725 per metric ton Oct. 26, after which it has traded sideways. Aluminum closed Wednesday at $2,724 per metric ton.
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