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Aluminum Price Steaded
- Jun 10, 2018 -

Aluminum steadied last Friday after its biggest one day increase in nearly three months a day earlier as investors reassessed concerns about capacity cuts in top producer China.

Today, Changjiang Spot aluminum price increased by 30 CNY/Ton,but copper  has a hike of 280 CNY/Ton

An industry association said last month that China would launch a crackdown to curb the illegal expansion of aluminum capacity and Chinese media on Thursday reported significant shutdowns were in the pipeline.

But offsetting these closures, later reports indicated new capacity was coming on stream.

"The China story is priced in. They're bringing new capacity online which is more efficient. We don't expect to see the aluminum market rally significantly from these levels. We have it averaging $1,950 in the fourth quarter," said Warren Patterson, Commodities Strategist at ING.

Three-month LME  aluminum ended up 0.2 percent at $1,927 a ton, having gained 1.7 percent in the previous session.

"While production may be reduced in China, it is being expanded elsewhere. In the US for example, a smelter with a capacity of a good 160,000 tons per annum looks set to go back into operation next year," Commerzbank said in a note.

High aluminum price in China makes aluminum  producers  more profitable, but damages its aluminum exports.Many aluminum foil and aluminum plate producers begin to eyes on domestic markets.