On Thursday, benchmark LME (London Metal Exchange) Aluminium futures’ prices had sky-rocketed to a 10-year high, while other industrial metals had wrapped up the day with modest gains, as investors’ frets grew over a squeezed supply chain amid a rise in the rapidly spreading delta cases. On top of that, investors’ jitters over a potential supply-crunch ratcheted up further after Beijing had inclined restrictions on aluminium productions, eventually lifting the industrial metal’s futures’ prices to a 10-year peak as beforementioned.
In point of fact, industrial metals including the ‘economic bellwether’ copper futures were gathering steam over recent past amid a sheer shortage in a swathe of major G20 economies, while in the day’s maverick rally in aluminium’s prices was largely transpired over a regulatory curb on outputs by Beijing.
LME Aluminium futures hit 10-year peak; industrial metals risenitpicking
Citing statistics, in the day’s London Metal Exchange (LME) closing bell, LME aluminium edged 0.1 per cent higher to $2,692.50 per ton after hitting a 10-year peak of $2,734.50 earlier in the day, a level never seen since the May of 2011.
Among other industrial metals, LME Copper futures gained 0.5 per cent to $9,378 per ton, Zinc inched up to $2,983 and Nickel contracts rose 0.4 per cent to $19,400 a ton, while lead leapt as much as 1.4 per cent to round off the day at $2,305.50 per ton.