LIVE FUTURES REPORT 22/04: Aluminium reaches $2,375/t, highest since April 2018, but closes flat day on day [CORRECTED]
LME aluminium’s three-month price surpassed its May 2018 high in intraday trading on Thursday April 22, with lead’s price up by 1.3%, while nickel and copper retreated from their Wednesday prices at the close.
Aluminium’s price reached $2,375 per tonne on Thursday, taking out the May 2018 high of $2,374.50 per tonne to stand at a level last seen in April 2018, when the metal's highest intraday price was $2,718 per tonne.
But the light metal closed at $2,363 per tonne, practically unchanged from Wednesday’s close of $2,634.50.
A further increase in demand is expected as some economies begin to open up after Covid-19 lockdowns, together with concerns that China's supply growth may slow as it increases its environmental efforts, continue to support the metal’s high price.