Aluminium prices averaged USD 2,185 per metric ton in September, up 2.3% from August’s price and 1.8% lower year on year. On 29 September, aluminium was priced at USD 2,331 per metric ton, 7.6% higher month on month.
Prices rose in August on the back of recovering Chinese demand. In September, the Asian giant cut commercial banks’ reserve requirements and lowered mortgage rates and down payments in big cities. Consequently, home sales rose in month-on-month terms, and the manufacturing PMI rebounded. That said, demand elsewhere was likely downbeat: The manufacturing PMIs in Japan, the Eurozone and the U.S. remained entrenched in contractionary terrain. On the supply side, conditions were bearish for prices as improved hydroelectric supply in Chinese aluminium smelters translated into record-high output in August.
Aluminium LME (prices in US$/mt, aop)
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