LIVE FUTURES 10/09: Al above $2,900, zinc sets new year-high in LME rally

A bullish mood overtook the London Metal Exchange decisively on Friday September 10, with zinc, aluminium and nickel setting new year-to-date highs on a day that also saw copper volumes exceed 20,000 lots for the first time in three weeks.

Aluminium’s three-month price set a new 2021 peak of $2,937 per tonne, rising by 3.4% from Thursday’s closing price and by 5.9% since the start of the week, when it was $2,773 per tonne.
Fundamental dynamics, such as falling global inventories, Chinese supply worries caused by power-rationing policies, and buoyant physical premiums, were just some of the factors behind the metal’s recent rise. Added to these this week was the political uncertainty in bauxite-rich Guinea.

Despite an easing of production concerns in the West African country, the rally in the prices...

Published

Ana de Liz

September 10, 2021

18:55 GMT

London