China Chalco Expects '03 LME 3-Mo Aluminium Up At 65-66 c/Lb

摘要

Aluminium Corp. of China, or Chalco, expects the price of LME benchmark three-month aluminium to rebound to 65-66 U.S. cents a pound next year, from a projected range of 60-63 cents/pound in the second half of this year. Chalco is China's largest aluminium producer and ranks eighth largest globally. "The aluminium price recovery depends on the U.S. economic recovery," Luo Jianchuan, Chalco's general manager of the marketing department, said. Chalco views current prices are "very low." Three-month aluminium stood at 1,316 dollars a metric ton on Friday, up from 1,311 dollars/ton at Thursday's late kerb close. The contract hit an eight-and-a-half-month low at 1,292.5 dollars/ton Aug. 3. The contract was above 1,500 dollars/ton during most of the first half in 2001. Despite weak international aluminium prices, Luo said China's domestic prices are relative higher, boosted by the country's robust demand for aluminium. Domestic consumption of aluminium was higher than expected in the first half of this year, Luo said.