Aluminium's futures price traded close to its 2021 year-to-date high at the close of trading on the London Metal Exchange on Tuesday April 13, while most metals recovered their losses from Monday because of a tumble in the US Dollar Index.
The three-month price of aluminium closed at $2,993 per tonne at 5pm, but had reached $2,295 per tonne during trading, just $6 per tonne below its year-to-date high from March 26. It did so on relatively thin volumes, however, which totaled 9,800 lots by 5pm."We do think that the light metal is hanging on to the price-supportive dynamics, which include electricity shortages in China's autonomous region of Inner Mongolia that have forced aluminium processors, such as Xinhengfeng Energy, to cut production of processed aluminium," Fastmarkets analyst Andy Farida said."The lack of confirmation from Chinese authorities that they intend to release stockpiled ingot to...