LME aluminum prices up by 1.36% on May 20 on fear of supply shortage
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Update time : 2022-05-24 20:28:11
Indonesia, the main producer, announced that the exports of bauxite and tin ore will be stopped at the end of this year to support downstream construction of the domestic mining industry in Indonesia, arousing worries about supply shortage.
The lifting of lockdown in China, one of the major consumption countries of metal, has boosted expectations of a recovery in demand, pushing up the demand.
Besides, the dollar index has recently begun to fall. Crude oil prices have remained strong and the dollar softening has made dollar-denominated metal prices attractive, leading to a rise in LME aluminum prices.
Last Friday (May 20), LME aluminum futures rose by 1.36% to US$2.946/ton.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
