China Aluminum Ingots Price Hits 5-Year High

- Aug 30, 2017 -

China aluminium extended gains on Thursday to strike its highest since 2012, with investors flooding into the market on prospects that capacity closures in the world's top producer would tighten supply.
   
   
SHFE ALUMINIUM:

Shanghai Futures Exchange aluminium had climbed 1.4 percent to 16,275 yuan ($2,443) a tonne by 0240 GMT, having earlier hit its highest since May 2012 at
16,460 yuan.

Open interest flew to a record-high around 900,000 lots and was up by 50 percent since Aug. 1.


LME ALUMINIUM: LME aluminium hovered near its highest in more than two years above $2,000 a tonne.


CHINA POLLUTION CRACKDOWN: China's push for blue skies is roiling supplies and boosting prices of key raw materials from soymeal to ferroalloys as the government ramps up smog checks and forces some factories in the world's top commodities market to close or suspend operations.

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