Aluminum pushes higher amid positive US economic data

Aluminum extended its recent highs on Thursday, following positive US economic data.

The metal passed the US$2,100/t mark for the first time since February 2013, closing at US$2,108/t in London, up US$25.50 on the previous day.

Aluminum prices surged earlier in the week, after figures showed steep growth in US durable goods orders in July, including strong growth in aircraft orders. Aluminum is a key component in aircraft manufacture.

The price increase came amid positive economic data from the US commerce department, showing GDP grew 4.2% in Q2, higher than the previous estimate of 4.0%. US pending home sales also increased 3.3% in July, compared to the previous month, according to the National Association of Realtors.

Copper closed at US$3.190/lb, down from US$3.198/lb, with lead up US$3.50 at US$2,254.50/t and zinc up US$9.50 at US$2,359.50/t. Nickel rose US$15 to US$18,650/t, with tin falling US$115 to US$21,800/t and molybdenum flat at US$29,000/t.

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