BEIJING- Aluminum prices in Shanghai jumped on Thursday to their highest levels in more than two years as investors maintained their bullish stance on strong fundamentals of the light metal.
The most-traded July aluminum contract on the Shanghai Futures Exchange was up 3 percent at 21,935 yuan ($3,025.89) a ton, the highest since March 2022.
Three-month aluminum on the London Metal Exchange climbed 0.7 percent to $2,785.50 per metric ton, consolidating at an over two-year high hit in the previous session.
Aluminum saw robust demand from top consumer China this year, mainly underpinned by solar and electric vehicles sectors.
Prices of its key material alumina were boosted by recent supply disruptions.
Fanning market sentiment was a higher premium offered by a global aluminum producer to Japanese buyers, a premium of $175 per metric ton for July-September primary metal shipments.
LME copper dropped 0.7 percent to $10,382.50 a ton, nickel fell 0.8 percent to $20,335, zinc dipped 0.2 percent at $3,097.50, tin slid 1.1 percent to $33,745, and lead slipped 0.8 percent to $2,302.
