Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Aluminium prices climbed to an 11-week high on Thursday as buying interest increased with improving demand prospects from top consumer China. Three-month aluminium on the London Metal Exchange (LME) netouched $2,312 per metric ton earlier in the day, the highest since January 4. It last traded 1.2% up at $2,301 per tonne at 1121 GMT.
To consumer China imported 720,000 tonnes of unwrought aluminium and products in the January-February this year, up 93.6% from the same period last year, customs data showed. "Aluminium has been lagging behind its base metals peers, it is cheap. The latest Chinese import data is surprising and widely cited as a short-term driver," a trader source said.
Brokerage Marex also saw an improving demand for LME aluminium. "Money is coming in and we have seen evidence of that first in copper but more recently in aluminium," said Alastair Munro, senior base metals strategist at Marex, anticipating more capital flows into underperforming commodity assets.
In other metals, LME lead CMPB3 was flat at $2,063. Overall industrial metals prices are likely to be capped by a stronger dollar, which makes it costlier to buy the greenback-priced commodity.
Also Read : Rare earths prices seen rebounding in second half of 2024 Copper futures breakout signals bullish trend: potential rally to ₹745
Global corporate funding in the solar sector reached a decade-high of $34.3 billion in 2023, marking...
Renewables 29-Jan-2024
The Union Finance Minister Nirmala Sitharaman is set to present the interim budget for 2024-25 on Fe...
Business 01-Feb-2024
The government is actively pursuing initiatives to bolster the labelling and branding of steel secto...
Press Releases 07-Feb-2024
According to the Chief minister Pramod Sawant the state government will allow those mining companies...
Announcement 13-May-2024
According to media sources, the Railways has emerged as the clear favourite to acquire Rashtriya Isp...
Business 26-Feb-2024
Nagpur's Advantage Vidarbha event concluded with Deputy Chief Minister Devendra Fadnavis expressing...
Large Corporate 30-Jan-2024