LME aluminum futures rebound on lower inventories & supply concerns
Views : 387
Update time : 2024-01-11 15:24:19
The LME aluminum futures prices rose by US$13 to US$2,249.5/ton on January 9, rebounding from the lows of the past three weeks.
According to analysts, aluminum prices rose back because the inventories in LME-registered warehouses dropped from a seven-month high, and US leading aluminum producer Alcoa said it will suspend alumina production at its Kwinana alumina refinery, which has been suffering losses, in Western Australia, giving rise to supply concerns.
However, the strengthening US dollar makes US dollar-denominated metal prices more expensive and less attractive, which limits the increase in aluminum prices.
