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EnergyColumn: Shanghai aluminium soars as Chinaâs production stalls
Andy Home
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Workers walk through an aluminium ingots depot in Wuxi, Jiangsu province, China, September 26, 2012. REUTERS/Aly Song/File Photo
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Shanghai aluminium prices last week hit their highest since 2010 as the Chinese market gears up for a seasonal demand peak.
The Shanghai Futures Exchange (ShFE) aluminium contract continues to outperform international prices amid high volumes and open interest with no sign that anyone is being scared off by the increasingly strident official warnings about speculative heat in the countryâs commodity markets.
The London Metal Exchange (LME) three-month aluminium price has also been on an upwards charge, hitting a fresh year-to-date high of $2,369.50 on Wednesday, but is still some way off its 2018 peak of $2,718 per tonne.
張學友古天樂分獲頒香港演藝學院榮譽博士榮譽院士-香港商報 hkcd.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hkcd.com Daily Mail and Mail on Sunday newspapers.
Aluminum price hit 11-year high as new capacity comes on stream
China’s March aluminum output rose from a year earlier to a monthly record, official data showed on Friday, despite curbs on energy use in the smelting hub of Inner Mongolia, as new capacity came on stream.
Primary aluminum output in the world’s top producer was up 8.5% year-on-year at 3.28 million tonnes in March, the National Bureau of Statistics said, beating the previous monthly high of 3.27 million tonnes reached in December 2020.
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High prices are incentivising production, with Shanghai aluminum mostly holding above 17,000 yuan a tonne in