Mumbai, 10 April (CommoditiesControl): Aluminium prices soared to a 14-month peak on Wednesday, amidst rally in industrial metals as market optimism propelled prices upwards.
On the London Metal Exchange (LME), the benchmark three-month aluminium surged by 0.92% to $2,481.50 per metric ton, marking its highest level since February 10 last year. This surge reflects robust demand and positive market sentiment towards aluminium.
The rally coincided with gains in other industrial metals, with LME three-month copper rising 0.7% to $9,479.50 per ton, maintaining its momentum from the previous day's 14-month high.
Investor confidence received a boost from upbeat manufacturing data, showing growth in China's manufacturing sector for the first time in six months and a similar trend in the United States for the first time in 1-1/2 years.
Additionally, LME tin surged by 4.5% to $32,575 per ton, reaching its highest level in 22 months, driven by declining stockpiles and speculative buying.
MCX aluminium also saw gains, rising by 0.92% and trading near its weekly resistance level of 225.50, with the next target projected at 227.90, while support levels remain at 220.70-218.10.
(By Commoditiescontrol Bureau; +91-9820130172)
0 Comments 
Post Comment 
