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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.
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