BENGALURU- Shanghai aluminum futures scaled a one-week high on Wednesday on raw material supply risks, while copper prices edged lower.
The most-traded December aluminum contract on the Shanghai Futures Exchange (SHFE) rose 0.3 percent to 20,840 yuan ($2,925.73) a ton after hitting its highest since Oct. 14 earlier in the session.
Three-month aluminum on the London Metal Exchange (LME) eased 0.2 percent to $2,628 per metric ton after rallying in the previous session.
The most traded front-month alumina contract on the SHFE traded around 4,895 yuan after hitting a record high of 5,003 yuan on Tuesday.
Alumina supply has tightened due to a bauxite shortage resulting from disruptions in Guinea, which is the world’s No.2 bauxite producer after Australia. Bauxite is refined into alumina, the main ingredient in making aluminum.
SHFE copper fell 0.5 percent to 76,730 yuan ($10,772.15) a ton and LME copper lost 0.3 percent to $9,550, weighed by a firmer US dollar, while investors awaited additional news on stimulus measures from top consumer China.
The dollar hovered at a 2-1/2-month peak, making metals more expensive for other currency holders.
