0

0

0

0

0

0

0

0

0

videos | IST

Base metal prices heating up; aluminium, nickel at all-time highs

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.

The prices of base metals were trading higher Thursday as most of the metals extended gains. Aluminium continued to rally and hit 13-year highs, but Copper seemed to be consolidating a bit.
Aluminium prices on LME hit a new 13 year high in the morning on Thursday and they are now trading at about $2800 per tonne. The Shanghai prices too have been holding around that 13-year highs. The prices in Shanghai were at March 2008 levels. So it is very strong going for aluminium with a price gain of 40 percent.
This year, there are supplies worries in China and about 10 percent of output is curbed there. There are also our power shortage shortages, container issues, high freight charges all of that are finding their way into prices.
Also, supply disruption in case of the raw materials like alumina and bauxite - all these seem to be supporting the aluminium prices.
Meanwhile, the Shanghai nickel prices are now trading at an all-time high and the LME nickel prices are trading at a seven-year highs almost nudging $20,000 per tonne mark.
In the case of nickel, it is all about inventories where the Shanghai inventories are at record lows and the LME inventories are the lowest since January 2020. The nickel is seeing strong demand from stainless steel, the EV demand expectations, low inventories, all of that has been supported the prices.