On Tuesday the prices of aluminum contracts have reached the highest level since December 2014 due to the news from China.
Quotations of futures for LME have increased by 1.5% – to $ 1993 per ton. On Monday, they jumped by 2.8%, which has become the most significant daily rise since September 22.
Bloomberg reported that the authorities of Shandong Province, China had demanded from metal producers to close illegal capacity of 3.21 million tons. Among other things, the largest aluminum company of the country China Hongqiao Group (part of Weiqiao Pioneering Group) will reduce it by 2.68 million tons.
At the same time, copper has fallen by 0.4% to $ 6,390 per ton on Tuesday. Import of copper products to China in July has remained unchanged for the second month in a row.
In addition, prices for tin have decreased by 0.6% – to $ 20,480 per ton. Following the auction on Monday, the index of the six major metals traded at LME increased by 1.2% and has risen to a record since December 2014. At the same time, the price of copper has finished the session at the highest level since May 2015, nickel – since March last year.
The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade
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