24 Jan 2019
LME Aluminium prices surged to $1917 per ton on Wednesday to end 1.4% higher.
Prices rose tracking jump in cancel warrants ratio at LME warehouses along with worries over decline in production from China in coming months.
Aluminium cancelled warrants, or metal earmarked for removal from LME warehouses, have surged to nearly 400,000 tonnes from 235,000 tonnes in the middle of January, accounting for around one third of the LME’s 1.3 million tonnes of stock
Meanwhile according to an official at industry body China Nonferrous Metals Industry Association, China’s aluminum producers are set to cut at least another 800,000 tonnes per year of smelting capacity in coming months.