18 MARCH 2013Bloomberg
Aluminum gain on stronger equities and demand signals
Edited by : AL CIRCLE
1 min read
Aluminum rose in London, leading gains by industrial metals amid strengthening European equities and signs of demand.
The Stoxx 600 Europe Index (SXXP) of shares reached an almost five-year high. It’s up from the close on Feb. 1, while the LME Index of the six main metals traded in London is down 6.9 percent, more than oil traded in New York. Demand for trucks in Brazil is set to increase as much as 10 percent this year, the head of Daimler AG’s truck division said yesterday.
“The recent downward move was exaggerated and base metals underperformed equities and the cyclical commodities like crude oil,” Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt, said by e-mail. “The low prices are obviously seen as attractive buying opportunities.”
Aluminum for delivery in three months added 0.8 percent to $1,981 a metric ton by 10:06 a.m. on the London Metal Exchange.
An average Class 8 truck, the category including the heaviest models, contains more than 1,000 pounds of aluminum, according to an Aluminum Association website. Vehicles use alloys, powders and plating containing nickel on parts including spark plugs and pistons, the Nickel Institute says.
The Stoxx 600 Europe Index (SXXP) of shares reached an almost five-year high. It’s up from the close on Feb. 1, while the LME Index of the six main metals traded in London is down 6.9 percent, more than oil traded in New York. Demand for trucks in Brazil is set to increase as much as 10 percent this year, the head of Daimler AG’s truck division said yesterday.
“The recent downward move was exaggerated and base metals underperformed equities and the cyclical commodities like crude oil,” Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt, said by e-mail. “The low prices are obviously seen as attractive buying opportunities.”
Aluminum for delivery in three months added 0.8 percent to $1,981 a metric ton by 10:06 a.m. on the London Metal Exchange.
An average Class 8 truck, the category including the heaviest models, contains more than 1,000 pounds of aluminum, according to an Aluminum Association website. Vehicles use alloys, powders and plating containing nickel on parts including spark plugs and pistons, the Nickel Institute says.
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