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Aluminum futures hit a high in the past two years, as China is expected to implement bankruptcy

Categories:Industry news
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Time of issue:2021-01-11
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(Summary description)Aluminum futures hit the highest in nearly two years on March 29, because investors are optimistic that China will implement a production reduction plan and oil prices rebound.
Future aluminum hits a high in the past two years, as China is expected to implement production cuts

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Aluminum futures hit a high in the past two years, as China is expected to implement bankruptcy

Categories:Industry news
Author:
Origin:
Time of issue:2021-01-11
Views:0

Information

Aluminum futures hit the highest in nearly two years on March 29, because investors are optimistic that China will implement a production reduction plan and oil prices rebound.

Future aluminum hits a high in the past two years, as China is expected to implement production cuts

The three-month aluminum on the London Metal Exchange (LME) closed 0.8% higher at US$1960, the highest since May 2015.

Future aluminum hits a high in the past two years, as China is expected to implement production cuts

Nitesh Shah, commodity analyst at ETF Securities, said, “As long as China implements it and takes environmental protection seriously, aluminum prices may perform well.”

China said it will require aluminum smelters to cut production capacity by 30% during the winter heating months as a measure to combat pollution.

Oil prices surged by nearly 2% on Wednesday, as US crude oil inventories increased less than expected, Libya's supply continued to be disrupted, and OPEC-led production cuts appeared to be prolonged.

The median estimate of 31 analytic institutions combined by Reuters shows that China's official manufacturing purchasing managers' index (PMI) in March is expected to be the same as last month at 51.6. Analysts pointed out that because March is the peak season for projects such as real estate and infrastructure, and high-frequency data such as power generation, coal consumption and cement have performed well, the manufacturing industry is expected to maintain a steady expansion.

The dollar index rebounded from a four-and-a-half-month low to close to a one-week high.

China's large copper smelters have agreed to cut the second quarter copper concentrate processing fees by 11%, after the disruption of the production of the world's two largest copper mines affected the global supply of raw materials.

Future aluminum hits a high in the past two years, as China is expected to implement production cuts

Copper futures closed 0.6% higher at US$5907;

Zinc prices rose to a one-week high, closing 1.2% higher at US$2858;

Lead prices closed 0.9% higher at US$2350;

The price of tin closed up 0.7%, at US$20175.

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