According to TradingEconomics data, aluminium prices fell to around USD 2,812.70 per tonne, down 0.02% for the day as traders booked profits amid tight fundamentals. Trading Economics

Summary :

Aluminum futures in the UK rose to $2,900 per tonne, close to the three-year high of $2,915 on November 3rd, as the risk of lower supply returned to the market’s forefront. China reiterated its priority of preventing overcapacity in metal production to curb deflationary pressures. The country’s aluminum output cap of 45 million tons annually is on track to be breached by next year, and moves by Chinese smelters to build new plants in Indonesia continued to face troubles amid higher energy costs and local regulations risks. Troubles for key smelters elsewhere also pressured supply, with one of two potlines in Iceland’s Grundartangi smelter being suspended due to electrical equipment failure. Also, Alcoa announced it will shut its Kwinana alumina refinery in Australia due to deteriorating bauxite or grades.

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