Aluminum prices surge to highest in almost 3 years

Aluminum surged to the highest in almost three years, leading gains in base metals as Chinese trade data buoyed the outlook for demand, Report informs referring to Bloomberg.

The price of June futures for aluminum on the Chicago Mercantile Exchange decreased by 0.25 percent to $2,298.75 per ton, while earlier in the course of trading it rose to $2,313.75, the highest since June 11, 2018. The cost of a ton of aluminum for delivery in three months on the London Metal Exchange (LME) increased by 1.37 percent on April 13, to $2,293, having jumped to $2,304 before that, which is the highest value since June 2018. The cost of copper increased by 0.43 percent, to $8,899.5, zinc - by 1 percent, to $2,785.5 per ton.

As it became known earlier this week, exports from China in March jumped by 30.6 percent in annual terms, while imports gained 38.1 percent. The figures show an increase in demand in China, the biggest consumer of industrial metals.

“Nonetheless, the data do indicate that China still has a considerable appetite for commodities,” Commerzbank analyst Daniel Briesemann said in a note.