LME aluminum prices hike by 1.29% on Sep 22 due to Indonesia’s potential export ban on bauxite
25 Sep 2023 16:44 reported by Joy Liu
LME aluminum futures hiked by 1.29% from the previous trading day, closing at US$2,240.5/ton last Friday (September 22).
Indonesia’s bauxite export ban, originally scheduled to start on June 10, is still likely to be implemented or postponed, tightening the future supply. Besides, the biggest consumer China has introduced several economic stimulus policies, which boosted the spot market’s activities and downstream buyers’ demand for stock replenishment. Coupled with electrolytic aluminum plants maintaining low ingot casting volume, which made the spot aluminum ingot supply unlikely to rebound significantly in the short term, the low inventory continued to support aluminum prices.
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