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Aluminium Prices Surge to Two-Year Highs on Strong Demand and Supply Disruptions

30 May 2024 8:23 am
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Mumbai, 30 May (Commoditiescontrol): Aluminium prices in Shanghai soared to their highest levels in over two years on Thursday, driven by strong fundamentals and robust demand. The most-traded July aluminium contract on the Shanghai Futures Exchange (SHFE) climbed 3% to 21,935 yuan ($3,025.89) per ton, marking the highest price since March 2022. Similarly, three-month aluminium on the London Metal Exchange (LME) increased by 0.7% to $2,785.50 per metric ton, maintaining the over two-year high reached in the previous session.

The surge in aluminium prices has been bolstered by strong demand from China, the world's top consumer, particularly in the solar and electric vehicle sectors. Additionally, prices of alumina, a key raw material for aluminium, have risen due to recent supply disruptions, further supporting the metal's price increase.

Market sentiment was also lifted by a higher premium offered by a global aluminium producer to Japanese buyers, set at $175 per metric ton for primary metal shipments from July to September.

In contrast, other base metals saw declines. LME copper fell 0.7% to $10,382.50 per ton, nickel dropped 0.8% to $20,335, zinc dipped 0.2% to $3,097.50, tin slid 1.1% to $33,745, and lead slipped 0.8% to $2,302.

On the SHFE, copper decreased by 1.1% to 84,000 yuan per ton, tin was down 0.6% at 278,310 yuan, and nickel lost 0.9% to 153,900 yuan. However, zinc rose 0.2% to 25,120 yuan, and lead remained flat at 18,910 yuan.

(By Commoditiescontrol Bureau: 09820130172)

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