Aluminum falls after record spikeBloombergAluminum on Friday gave up its gains after Thursday’s record surge, with the London Metal Exchange’s (LME) plan to discuss a potential ban on Russian metal exacerbating supply concerns while stimulus measures in China bolstered the demand outlook. Most other metals pared early gains on Friday, with zinc gaining as China stepped up measures to support its embattled property sector. The biggest impact would be on aluminum, as about half of Europe’s smelting capacity already has been curtailed due to record electricity costs in the wake of Russia’s invasion of Ukraine. Meanwhile, speaking to the demand outlook for industrial metals including copper, China’s factory activity continued to struggle last month, as the country’s economic recovery was challenged by lockdowns in major cities and a property market downturn. Aluminum was 1.6 percent lower to settle at US$2,162 per tonne on the LME.

Source: Taipei Times October 02, 2022 03:52 UTC