Shanghai aluminium futures scaled a one-week high on Wednesday, boosted by raw material supply risks, while copper prices edged lower, reports Reuters.
The most-traded December aluminium contract on the Shanghai Futures Exchange (SHFE) closed up 0.4 per cent at 20,875 yuan ($2,927.81) a ton after hitting its highest since Oct. 14 earlier in the session.
Three-month aluminium on the London Metal Exchange (LME) steadied at $2,633per metric ton by 0725 GMT after rallying in the previous session.
The most-traded front-month alumina contract on the SHFE closed at 4,911 yuan, after hitting a record high of 5,003 yuan on Tuesday, driven by concerns of bauxite supply disruptions from Guinea in an already tight market. Bauxite is refined into alumina, the main ingredient in making aluminium.
"If disruptions persist, alumina's market supply will remain tight. Higher costs of production for aluminum will continue supporting prices in the near-term," ANZ analyst Soni Kumari said.
SHFE copper fell 0.5 per cent to 76,720 yuana ton and LME copper lost 0.5 per cent to $9,540, pressured by a stronger dollar while investors awaited additional news on stimulus measures from top consumer China.
The US dollar ticked up to a 2-1/2-month peak, making metals more expensive for other currency holders.
Shanghai aluminium hits one-week high, copper slips
FE Team | Published: October 23, 2024 21:49:12
Shanghai aluminium hits one-week high, copper slips
Share if you like