Vedanta Resources Plc said that aluminum prices may rise to as much as a six month high by the end of the quarter as processing companies replenish inventory to meet a rebound in demand.
Mr Mukesh Kumar chief operating officer of the London based company’s Indian unit said that prices may climb to as much as USD 2,300 a metric tonne on the London Metal Exchange by March 31st.
A rise in manufacturing indexes in China and India may spur sales of cars and consumer appliances, leading to higher demand for aluminum. Prices may be boosted by a global supply shortage in the first half as smelters idle as much as 15% of capacity following the sovereign-debt crisis in Europe and China’s measures to control inflation.
Mr Kumar further said that “Soon the processing companies will start buying and this will support prices. Demand in India is likely to surge this quarter, as contractors of government projects race to meet deadlines for the fiscal year.”
豫公网安备41010502003434号