Increased car sales in US boost aluminium prices

The cash price of aluminium has risen from $1,725.93 per tonne in January to $2,029.55 per tonne, which is the current price. The overall jump in the LME aluminium prices is recorded at 15% since the beginning of the year.

Mintec explains that the price rise is largely due to the falling aluminium stocks on LME since January by 11% to 4.8 million tonnes leading to a situation where the supply is hitting a two year low in the face of a high demand market.

The demand now is threatening to exceed the supply by 1.8 million tonnes in 2014 where the majority of the demand is driven by the increased car sales in the US which is at an eight-year high. The car manufacturers are now directly affecting the aluminium market as they are using the metal more and more to produce lighter and more fuel efficient cars.

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