Quote on Aluminium Update By Mr. Yash Sawant, Angel Broking Ltd
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Below is quote on Aluminium Update By Mr. Yash Sawant, Research Associate, Angel Broking Ltd
Aluminium continues to trade higher
Aluminium prices are up over 1.56 percent on the MCX in today’s session. Despite the mounting global uncertainties and slow growth in China’s economy, Aluminium prices continue to power through following the supply disruptions in top producer China.
China’s move to limit the carbon emission hampered the operations of power intensive industries like Aluminium smelting. Low output from China comes inline with prospects of high demand for Aluminium as well as other industrial metals.
Aluminium prices hover near their highest levels in about 13 years on the LME and Shanghai exchange. Disrupted supply for Aluminium which account for over half of the global Aluminium production is expected to keep prices elevated.
Also, prices for Aluminium ore bauxite from Guinea (the world's second-biggest producer of Bauxite) hit their highest in almost 18 months following the political uncertainties in the West African country. Bauxite prices in Guinea, a top supplier to China, are up about 16 percent in 2021. While no mining disruption has been reported, any further threats to the already shackled supply chain might push prices further higher.
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