The London Metal Exchange graph registered slow growth in aluminium prices on April 24, with the LME aluminium cash bid and the LME aluminium official price gaining US$2 per tonne or 0.08 per cent and US$0.50 per tonne or 0.02 per cent to close at US$2,585 per tonne and US$2,585.50 per tonne, respectively. On a Year-on-Year scale, there can be seen a major spike of US$231 per tonne or 9.8 per cent from US$2,585.50 per tonne recorded on April 24, last year.
Recent developments in the global metals market have seen the UK and the US implement sanctions on Russian metals once again, while President Biden's call for a 25% tariff on China's aluminium semis has added to the turbulence. Consequently, the domestic aluminium supply has experienced a notable increase.
However, downstream demand has lagged behind, exerting pressure on inventories and thereby bolstering aluminium prices. This interplay of factors suggests that domestic market prices are likely to fluctuate at elevated levels amidst the ongoing friction in global aluminium trade.
The LME 3-month bid price and the LME 3-month offer price have marked an increase of US$13 per tonne or 0.5 per cent to settle at US$2,598 per tonne and US$2,598.50 per tonne.
Egypt Aluminum sees a double-digit hike in net profit during the nine-month period of FY2024
