February 2018 | Aluminium Weekly Market Tracker
Aluminium prices consolidating: Market Summary and Analysis
PMI readings from China, Japan and US continue to show manufacturing activity has carried strong momentum into 2018.
LME aluminium prices have been consolidating recently – the average LME cash price last week was $2,230.2 per tonne, slightly up from previous week’s $2,228 per tonne. However, they started this week trading either side of the $2,200 per tonne level as sentiment generally has become more risk-off. Manufacturing activity had strong momentum PMI readings from China, Japan and US continue to show manufacturing activity has carried strong momentum into 2018. The US manufacturing PMI was reading 59.1 for January, compared with the consensus forecast of 58.8. For China, the Caixin manufacturing PMI was reading 51.5 for January, in line with forecasts and the previous month’s reading. Rusal’s al production up 0.6% y-o-y in 2017 Rusal’s primary aluminium production grew by a very modest 0.6% year on year to 3.71 million tonnes in 2017, according to the Russian producer’s quarterly report released on Monday February 5. Sales volumes showed a...
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