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ALUMINIUM-Major market developments in May
Edited by : AL CIRCLE
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Aluminum lost ground in May after initial strength but will draw support near term from tight physical supplies and the fact that prices are close to the break-even costs ofChinese aluminum smelters.
"We're not bullish on aluminium, but the physical market is quite tight and the downside will be supported by the marginal costs of Chinese producers," said Macquarie Bank's Jim Lennon.
China is the world's top aluminium producer, accounting for around 40 percent of global output. The London Metal Exchange (LME) three-month aluminum price CMAL3 was last indicated at $2,613 a tone.
"We're not bullish on aluminium, but the physical market is quite tight and the downside will be supported by the marginal costs of Chinese producers," said Macquarie Bank's Jim Lennon.
China is the world's top aluminium producer, accounting for around 40 percent of global output. The London Metal Exchange (LME) three-month aluminum price CMAL3 was last indicated at $2,613 a tone.
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