Aluminum rises from six-month low before U.S. durable goods, GDP

Aluminum snapped three days of losses before U.S. data projected to show goods orders expanded and the world’s largest economy grew more than initially estimated in the third quarter.

The metal gained as much as 0.5 percent after closing yesterday at the lowest since June. Orders for goods meant to last for at least three years expanded 3 percent in November on the month, compared with a revised 0.3 percent increase in October, according to a Bloomberg News survey before the data due today. Economists in a separate survey by Bloomberg predicted annualized growth in the U.S. economy will be revised up to 4.3 percent for last quarter. The U.S. is the second-largest metals consumer.

“The aluminum price has gone quite low,” said Chae Un Soo, a metals trader at Korea Exchange Bank Futures Co. “If the U.S. data is positive, it can help to support the price.”

Aluminum for delivery in three months rose 0.5 percent to $1,888.75 a metric ton on the London Metal Exchange at 10:30 a.m. in Hong Kong. Prices will climb around 5 percent in 2015, Alexandra Bouriko, chief financial officer at United Co. Rusal Plc, said in an interview with Interfax.

Copper in London climbed 0.3 percent to $6,370.75 a ton. In New York, March futures advanced 0.2 percent to $2.879 a pound, while in Shanghai, the contract for the same month slipped 0.5 percent to 45,710 yuan ($7,342) a ton.

On the LME, zinc and lead rose, while nickel was little changed and tin fell.