LONDON: Aluminium prices touched US$3,000 a tonne for the first time since 2008 on Monday as restrictions on output in China, the biggest producer, fuelled fears that supply will run short. The benchmark contract on the London Metal Exchange (LME) was down 1% at $2,894.50 a tonne at 1600 GMT after touching $3,000. Yunnan aluminium smelters had already shut down nearly 1 million tonnes of annual capacity by August, researcher Antaike said this month. ALUMINA: Futures of the aluminium ingredient on the Comex exchange have surged 20% this month to $365 a tonne. POSITIONING: Speculators are betting on higher prices, raising their net long in LME aluminium to 35% of open contracts by Thursday, from 19% a week earlier, brokers Marex Spectron said.

Source: The Star September 13, 2021 16:18 UTC