Aluminum price hikes on supply concerns
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Update time : 2021-05-05 22:26:12
China, the major aluminum producer, made policies to curb carbon emissions, which aroused market concerns on supply and boosted aluminum prices.
It was understood that more than 80% of China’s aluminum refineries generate electricity with coal. Due to China’s policy to reduce pollution, aluminum refineries may access electricity networks, which will thereby increase production costs.
Market participants expected that the short-term aluminum price will be supported by these reasons.
As of May 4 at 11:55 Taiwan time, the price of aluminum on the London Metal Exchange (LME) settled at US$2,432/ton yesterday (May 4), hiking by 1.46%.
