CHINA ALUMINIUM INGOT ADC 12 SNAPSHOT: Soaring Al futures provide support; supply remains tight

摘要

Key data from Fastmarkets’ pricing session in China on Wednesday December 2. - Aluminium scrap prices have increased amid tightening supply after many cargoes were delayed to a shortage of containers in Asia. - Scrap sellers held back from selling material on hand, expecting higher prices in the near term, which exacerbated the tight supply of aluminium scrap in the market. - Strong gains in aluminium prices on the London Metal Exchange and Shanghai Futures Exchange over the past month also helped buoy prices for aluminium alloy. The LME three-month daily official aluminium price was at $2,062 per tonne on Wednesday, up by $222.50 per tonne (12.1%) from - $1,835.50 per tonne on November 2. - Similarly, the front-month aluminium price on the SHFE closed at 17,000 yuan per tonne ($2,590 per tonne) on Wednesday, up by 940 yuan per tonne (5.9%) from a week earlier. The price had been at 14,950 yuan per tonne on November 2.