Commodity News
HeadLine : Aluminum Surges to 14-Month High
Date : Apr 5 2024
Aluminum prices surged to $2,450 per tonne in April, the highest in 14 months, tracking the rally for other base metals amid pressure for the dollar, supply concerns, and some traction in demand from China. Both manufacturing PMI gauges in China surprised on the upside in March releases, suggesting that factory activity in the country has somewhat responded to a series of stimulus and economic support measures from Beijing. Prices were also supported by looming supply concerns, with the Aluminum Corp of China underscoring that the country’s bauxite security still remains uncertain due to its dependency on Guinea, which has been subject to disruptions following an explosion in a key fuel depository. Additionally, smelters in Yunnan, China's fourth-largest aluminum-producing region, remained subject to production curbs due to the annual dry season.

Source: Trading Economics

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