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Industrial Metals Monthly: Aluminium rally foiled
Aluminium prices on the London Metal Exchange surged to the highest level in two years at the end of May. The increase was mostly driven by investment money moving back to commodities after a surge in copper prices. After Rio Tinto declared force majeure on alumina cargoes from its Queensland refineries due to shortages of gas to power its operations, supply risks helped to push the aluminium price higher. The force majeure will only affect third-party export supply, and supply to Rio’s own smelters will remain unaffected. The cuts have raised concerns over whether they will impact aluminium supply; however, we do ... (full story)