According to recent data, aluminium futures climbed to around US $2,856.95/t, up 0.45% day-on-day, amid tight fundamentals and low inventories. Trading Economics+1

Summary :

Aluminum futures in the UK fell to $2,850 per tonne from the three-year high of $2,915 on November 1st, tracking a broad pullback for base metals amid soft manufacturing PMIs in the US and China. Still, lingering supply concerns maintained prices 12% higher year-to-date. 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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