LME aluminum price rebounds on US interest cut & China’s strong importing
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Update time : 2024-09-25 16:34:41
Driven by US interest cut last week and downside limited by China’s strong importing performance, the London Metal Exchange (LME) aluminum price rebounded on Monday (September 23).
As of 1623 GMT, LME’s three-month aluminum rose by 0.1% to US$2,488/ton, rebounding from the early lowest, which was caused by aluminum producers’ selling interest a while ago bringing pressure on aluminum prices.
In the first eight months of this year, China’s primary aluminum imports surged by more than double to 1.512 million tons year on year. The Federal Reserve (Fed) announced a more-than-expected interest cut of a half-percentage point last Wednesday. Both were the reasons for the bounce back in aluminum prices. Aluminum prices grew by 8.3% within seven days.
