LIVE FUTURES 30/07: New 2021 high for LME aluminium; zinc above $3,000/t

July 31, 2021 / www.metalbulletin.com / Article Link

The three-month aluminium contract on the London Metal Exchange hit a new year-to-date high of $2,615 per tonne in morning trading on Friday July 30, while zinc moved back above the $3,000-per-tonne psychological level.

Aluminium gained 0.9% from Thursday's closing price of $2,591 per tonne and is set for a 4.3% increase this month. It started the month at $2,507.50 per tonne on July 1.
Sentiment in the aluminium market has been bullish in the second half of this year, further strengthened by the news of a Russian export tax on aluminium, a strike at Rio Tinto's Kitimat operations in Canada, and floods in aluminium-producing Henan province in China.

"Physical premiums in the [United States] stand at a record high, while inventories are...

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