LME aluminum price hits 3-year high on May 4
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Update time : 2021-05-05 22:31:59
The three-month futures price of aluminum on the London Metal Exchange (LME) rose by US$31/ton yesterday (May 4), closing at US$2,428/ton, hitting a three-year high. The cumulative monthly increase in April reached 8.3%.
Meanwhile, LME’s market inventory of aluminum dropped by 7,350 tons to 1,827,800 tons.
According to market participants, consumer confidence in the Eurozone has steadily increased, market concerns on supply were aroused by China’s production restrictions for environmental protection problems, and the demand kept strong shown by the destocking condition. Therefore, the aluminum price was expected to keep stable in recent days.
