At $3 below $2,700 per tonne, aluminium reached its highest three-month price on the London Metal Exchange since May 2011 on Friday August 27, and most prices on the complex were also up following long-awaited statements from the US Federal Reserve Chair.
The new year-to-date peak for aluminium was $2,697 per tonne on Friday; the metal was up by 1.1% at 5pm to $2,649.50 per tonne from Thursday's $2,619.50 per tonne price at the same time. Supply-side disruptions and continued downstream demand continue to support bullish sentiment for aluminium.As a result of the power cuts that various Chinese aluminium-producing provinces have had in recent months, production has been declining in areas including Inner Mongolia, Guangxi, Guizhou and Yunnan, ING's senior...