Al price rallies strongly, more gains seen

摘要

Led by the zinc and copper, primary aluminum prices rise strongly both at home and abroad with the LME 3-month aluminum hitting a 17-year record high of USD2,770 a tonne on April 21. Aluminum price is expected to continue to rise in the near term. The funds buying has been playing the most important role in pushing up aluminum price (and other industrial commodities prices) worldwide in recent months. The open interest both on the LME and SHFE aluminum futures contracts have increased to historic high level along with the inflow of large hot money, which reflects that the funds are still optimistic over the world aluminum market this year.