by winston » Fri Apr 05, 2024 6:03 am
Recovery demand and tight inventory will support LME aluminum prices
London Metal Exchange's (LME) aluminium prices rebounded from this year’s low of US$2,159 on Jan 22 to its one-year high of US$2,421 on Thursday, posting a gain of 12.51% within the period.
Recovery demand and tight inventory will support LME aluminum prices, with demand for aluminum in China driven by solar power and new energy vehicle industries.
On the supply side, the research house said LME’s aluminium stockpile remains relatively low at 549,000 tonnes towards end-2023, while China’s aluminium stockpile was around 434,000 tonnes, with no major import arrival and aluminium output impacted negatively after Yunnan’s production was cut in the fourth quarter last year.
“Additionally, the ban on Russia's metal could lend further strength to the LME aluminium prices,” it added.
Source: The Edge
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