Aluminum gained 0.9 percent to $2,386 a ton in London, and climbed to 16,770 yuan a ton in Shanghai, the highest level since April, on concern colder temperatures in China, the world’s largest producer, will worsen power cuts to energy- intensive industries including Aluminum Corp. of China Ltd.
China’s meteorological center said most parts of the country will experience a sharp drop in temperature Oct. 24 to 26, the official Xinhua News Agency reported today. Aluminum Corp., known as Chalco, has shut 10 percent, or about 400,000 tons, of its aluminum-producing capacity after local governments implemented power restrictions, according to analysts.
“The output cuts by Chalco outweigh sales by the State Reserve Bureau and this is buoying the market,” said Sun.
China will release 96,000 tons of aluminum ingots from state reserves on Nov. 1-2 through public auctions, the government’s stockpiling agency said on Oct. 22.
Nickel advanced 1.7 percent to $23,630 a ton, and tin climbed 1.1 percent to $26,700 a ton.
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