Shanghai aluminum prices rose to a three-year high on Thursday, helped by a fall in inventories and an uptick in demand from some sectors in top consumer China.
The most-traded December aluminum contract on the Shanghai Futures Exchange SAFcv1 climbed as much as 2.5 percent to 15,415 yuan ($2,325.77) a ton, its highest since Nov. 9, 2017. The contract is the best performer among base metals on the ShFE, rising 17.7 percent year-to-date.
Three-month aluminum on the London Metal Exchange rose 0.3 percent to $1,924 a ton, having hit its highest since March 2019 on Monday.
China’s social inventories of primary aluminum ingots in eight consumption areas assessed by metals prices provider SMM fell to 635,000 tons, their lowest since Jan. 16 and compared with 1.68 million tons in April.