Three-month aluminium futures on the London Metal Exchange closed at their highest level for a decade on Friday September 3, with the base-metals complex broadly making gains despite jobs data from the United States coming in dramatically lower than expected.
The LME aluminium contract closed at $2,727 per tonne on Friday, up by 1.1% from Thursday's close and its highest since May 3, 2011. This came while the market was pondering limits to supply growth in China against expectations of escalating demand."We've actually seen provinces step in and start to pull back new production capacity but also existing production capacity, because [the dual control targets] are real limits," Alcoa chief executive officer Roy Harvey said during the Fastmarkets Aluminium...