04 APRIL 2014AlCircle.com
Aluminum rises to the highest this year over supply worries
Edited by : AL CIRCLE
1 min read
Alumunium price has witnessed the highest point in 2014 because of the concern about limited global supplies.
In Brazil, the aluminum companies that have been producing the least in the last 12 years expect the authorities to provide them electric subsidy as the drought has cut down the hydroelectric generation. Alcoa Inc. also plans to cut down the output at their two smelters. RUSAL predicts that their aluminum output will witness the lowest in their production in the last 8 years.
“The supply situation is definitely pushing prices higher,” Bart Melek, an analyst at TD Securities in Toronto, said in a telephone interview.
On the LME, aluminum for delivery in the last 3 months rose 1.9% to settle at $1,829.50 mt. The price had reached $1,830, recorded the highest since 30 Dec.
In Brazil, the aluminum companies that have been producing the least in the last 12 years expect the authorities to provide them electric subsidy as the drought has cut down the hydroelectric generation. Alcoa Inc. also plans to cut down the output at their two smelters. RUSAL predicts that their aluminum output will witness the lowest in their production in the last 8 years.
“The supply situation is definitely pushing prices higher,” Bart Melek, an analyst at TD Securities in Toronto, said in a telephone interview.
On the LME, aluminum for delivery in the last 3 months rose 1.9% to settle at $1,829.50 mt. The price had reached $1,830, recorded the highest since 30 Dec.
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