27 AUGUST 2014AlCircle.com
High US demand for durables and closing of Italian smelter pushes aluminium prices
Edited by : AL CIRCLE
1 min read
Aluminium prices rose in the London Metal Exchange for the second day in a row due to Alcoa’s decision to shut down the smelter in Italy and the higher demand for durable goods in US – the second-largest industrial metal consumer.
The metal due for delivery in three months rose to $2,073 a metric ton from $2,070.75 as recorded at 3.16pm Hong Kong on Tuesday, up by 0.5%.
The largest US aluminium producer, Alcoa announced that it would close the smelter in Italy permanently reducing their annual capacity of production by 150,000 tons which would now stand at 3.6 million tons.
In July, the demand for goods that are meant to last more than three years grew by 8% in for the US as compared to the previous month. It is the highest it has ever been since March 2011 as per the survey of 78 economists conducted by Bloomberg News.
David Lennox a research analyst for Sydney’s Fat Prophet believes that durable goods “will be the key numbers that probably in the near-term drives metals prices.”
The metal due for delivery in three months rose to $2,073 a metric ton from $2,070.75 as recorded at 3.16pm Hong Kong on Tuesday, up by 0.5%.
The largest US aluminium producer, Alcoa announced that it would close the smelter in Italy permanently reducing their annual capacity of production by 150,000 tons which would now stand at 3.6 million tons.
In July, the demand for goods that are meant to last more than three years grew by 8% in for the US as compared to the previous month. It is the highest it has ever been since March 2011 as per the survey of 78 economists conducted by Bloomberg News.
David Lennox a research analyst for Sydney’s Fat Prophet believes that durable goods “will be the key numbers that probably in the near-term drives metals prices.”
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