Aluminium prices averaged USD 2,338 per metric ton in April, which was 1.8% higher than March’s price but was down 28.0% from the same month last year. On 28 April, aluminium was worth USD 2,368 per metric ton, which was down 0.4% from the same day of the previous month.
Aluminium prices marginally increased on average in April, following two months of decline. The rise was driven by improved economic activity at the beginning of the month in China and a lower U.S. dollar, which spurred consumption. In particular, aluminium demand from the Chinese automobile industry proved strong. Moreover, power cuts in China affected aluminium smelters through April, which likely lowered supply. That said, in the latter part of the month, prices for the metal slowly declined over concerns regarding global economic growth and demand in China; the manufacturing PMI in the Asian giant contracted in April, likely amid a fall in the aluminium-intensive construction sector.
Aluminium LME (prices in US$/mt, aop)
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