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MarketScreener Homepage  >  Commodities  >  LME Aluminium Cash       

LME ALUMINIUM CASH

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Shanghai aluminium hits 2-1/2-year high on supply worries

10/12/2020 | 10:53pm EST

Oct 13 (Reuters) - Shanghai aluminium prices rose on Tuesday to their highest in two-and-a-half years, as low inventories in exchange warehouses and a smelter curtailment in Spain fuelled worries about supply.

The most-traded November aluminium contract on the Shanghai Futures Exchange climbed as much as 1.4% to 14,690 yuan ($2,174.78) a tonne, its highest since April 2018.

Three-month aluminium on the London Metal Exchange fell 0.3% to $1,850.50 a tonne by 0226 GMT. The contract touched its highest since July 2019 of $1,856.50 a tonne on Monday.

U.S. aluminium producer Alcoa said it would curtail operation of its San Ciprian smelter in Spain, while aluminium inventories in LME-approved warehouses <MALSTX-TOTAL> hovered around their five-month low at 1.4 million tonnes.

Aluminium stockpiles in ShFE warehouses <AL-STX-SGH> were last at 227,938 tonnes, edging up from a two-month low at the end of September but still lower than half of the 2020 peak of 533,994 tonnes hit in March.

FUNDAMENTALS

* Cathode output of 22 Chinese copper smelters in September rose 3% from August to 747,100 tonnes, as large producers were unaffected by maintenance, research house Antaike said.

* LME copper fell 0.6% to $6,697 a tonne and lead declined 1% to $1,828 a tonne, while ShFE copper rose 0.2% to 51,400 yuan a tonne and nickel increased 0.3% to 116,790 yuan a tonne.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian stocks were set to rise as a renewed tech rally and fresh optimism that Washington would deliver a coronavirus relief package helped lift global equity markets.

DATA/EVENTS AHEAD (GMT)

0430 US IMF/World Bank to release their biannual

Global Financial Stability Report

0600 Germany HICP Final YY Sept

0600 UK Claimant Count Unemployment Sept

0600 UK ILO Unemployment Rate Aug

0900 Germany ZEW Economic Sentiment Oct

0900 Germany ZEW Current Conditions Oct

1230 US CPI MM, SA Sept

1230 US International Monetary Fund and Group of 24

officials conduct press briefings on global

economic outlook and financial stability

($1 = 6.7547 yuan) (Reporting by Mai Nguyen; Editing by Subhranshu Sahu)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALCOA CORPORATION 9.70% 21.83 Delayed Quote.-7.48%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.10% 6.5426 Delayed Quote.-5.47%
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