Aluminum prices reach 3-year high on supply concerns on July 30
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Update time : 2021-08-03 18:31:39
Due to the power restriction implemented by the local government in Yunnan, the main aluminum producing province in the world's largest producer China, which latest longer than expected, the concerns on supply were brought out.
Therefore, the three-month aluminum on the London Metal Exchange (LME) hiked by 1.3% to US$2,625/ton on July 30 by 10:20 GMT, hitting a new high since April 2018. However, due to the stronger US dollar, the aluminum price fell back.
Besides, due to power restrictions, zinc prices also rose at that time as there are also several major zinc smelting plants in Yunnan Province.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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