Aluminium rebounds from 8-month low, copper hits two-week peak
LONDON: Aluminium prices touched an eight-month low on Monday as a strong dollar pressured sentiment, while copper climbed to its highest in more than two weeks due to worries over mine supply disruptions. Benchmark three-month aluminium on the London Metal Exchange was up 0.3% at $3,058 a ton in official open-outcry trading, having found support at $3,023, its lowest since February 13, earlier…
Aluminium prices rebounded from an eight-month low on Monday, while copper surged to its highest in over two weeks. Factors driving the gains include a strong dollar and concerns over mine supply disruptions. Three-month aluminium on the London Metal Exchange climbed 0.3% to $3,058 a ton, reaching its lowest since February 13. The US dollar hovered near an 18-month high ahead of upcoming inflation data that may impact interest rates.
Aluminium prices have dropped 19% since June's four-year high due to easing supply worries in the Gulf region and growing expectations of increased production in Indonesia. Despite low inventories supporting prices, rising supply growth outside China may push the global aluminium market into a surplus by 2027. Copper prices rose 0.8% to $14,657 a ton after hitting $14,688, its highest since September 25.
Supply concerns from a partial mine suspension in Chile and a strike at another Chilean mine fueled the demand optimism. LME zinc declined 1.3% to $3,758, while nickel rose 0.5% to $15,700, and lead eased 0.2% to $1,884.
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