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Optimism has increased LME aluminum hit a three-week high

 Last Update: 2022-12-19
 Source: Internet
 Author: User

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London Metal Exchange (LME) futures aluminum prices hit a three-week high on Thursday, driven by expectations of solid demand and signs of tighter supply
.
At 17:00 London time on October 8 (00:00 Beijing time on October 9), LME three-month aluminum rose 1.
18% to $1,804.
50 a tonne, after hitting $1,808 earlier in the session, the highest level
since September 15.

Period aluminum

Aluminum prices have rebounded from a low of $1,455 hit in April, but are still slightly below the high they touched in January
.

Independent analyst Robin Bhar said: "Demand is improving and optimism has increased
.
He added that despite the oversupply in the market, the excess was locked up in financing deals, leaving room for further gains
.

LME spot aluminum premium narrowed to $12.
80 from $37 a week ago, the narrowest since March, indicating tighter supply nearby
.

LME aluminium registered warehouse receipts came at 1.
1 million tonnes, down from nearly 1.
5 million tonnes in June but above the usual level
of about 800,000 tonnes in 2018 and 2019, data released on Thursday.

Broker Mar ex Spectron said speculators held roughly equal size of bullish and bearish bets on LME aluminum, and Swedish aluminium producer Granges said it expected operating profit and sales volumes in the third quarter to exceed market expectations
.
The Chinese market will restart on Friday and be closed on holidays from October 1 to 8
.

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