Home / Commodities / Commodity News / Shanghai aluminium rises on supply concerns, eyes monthly gain

Shanghai aluminium rises on supply concerns, eyes monthly gain

Shanghai aluminium prices rose on Friday, and were set to notch a monthly gain, as power consumption limits imposed in a major Chinese production province sparked supply concerns.

The most-traded September aluminium contract on the Shanghai Futures Exchange rose 2.2% to 19,995 yuan ($3,097.02) a tonne by 0333 GMT, heading towards a January 2010-high of 20,530 per tonne.

Three-month aluminium on the London Metal Exchange edged up 0.1% to $2,595 a tonne, on track for the sixth straight monthly gain.

Henan Shenhuo Coal & Power Co Ltd said on Thursday its aluminium subsidiary in the major production hub of Yunnan faced a hit from power consumption limits enforced by local authorities.

FUNDAMENTALS

* LME copper fell 0.3% to $9,796 a tonne, zinc advanced 0.4% to $3,010.50 a tonne and ShFE copper increased 0.3% to 71,730 yuan a tonne and ShFE nickel rose 1.1% to 148,160 yuan a tonne.

* Workers at Chile’s Andina copper mine operated by state-owned Codelco turned down the firm’s offer for a new collective contract on Thursday, paving the way for a potential strike at the facility, the union told Reuters.

MARKETS NEWS

* Asian shares slipped, with a gauge of regional equities set for its biggest monthly drop since the height of global pandemic lockdowns last March, while the dollar lagged near one-month lows on expectations of continued Fed stimulus.

DATA/EVENTS (GMT)

0530 France GDP Preliminary QQ Q2

0600 Germany GDP Flash QQ SA Q2

0600 Germany GDP Flash YY NSA Q2

0645 France CPI (EU Norm) Prelim YY July

0900 EU HICP Flash YY July

0900 EU HICP-X F&E Flash YY July

0900 EU GDP Flash Prelim QQ, YY Q2

0900 EU Unemployment Rate June

1230 US Consumption, Adjusted MM June

1400 US U Mich Sentiment Final July
Source: Reuters (Reporting by Mai Nguyen in Hanoi; Editing by Ramakrishnan M.)

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping