LME’s three-month aluminum price kept unchanged at US$1,537/ton last Friday, rising by 2.7% month on month, which was the largest growth since January 2019. The increase was mainly due to the recovery of demand from China.
Besides, at the same time, the aluminum contract from the Shanghai Futures Exchange (SHFE) was RMB 13,215/ton, up by 0.8%, and it also reached RMB 13,260/ton in the session, hitting the highest level since March 3rd.
According to Helen Lau, an analyst of Argonaut Securities, the rebound in China’s aluminum prices was due to a sharp drop in inventories and the increased demand in the market.
LME aluminum price shows strong growth due to rebounding China’s demand
1 Jun 2020 13:38 reported by Joy Liu
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