Aluminium expected to trade higher in mid-September

Base metals nickel and aluminium are likely to experience a price hike by the middle of September due to various positive global cues, observed a market research group. The white metal will get a price boost on production upgrade from a giant Russian bauxite producer, the analysts forecast.

“ We expect aluminium prices to trade higher in September 15 as supply glut concerns will likely get a breather as Russia’s Rusal, the world’s top aluminium producer, is considering capacity cuts of 200,000 tonnes a year this year,” the group added.

Earlier this year, Rusal deputy chief executive Oleg Mukhamedshin had said that bauxite producers across the globe are forced to either cut production or completely shut operations down due to the losses obtained from weak global prices.

“Chinese smelters expected the price to recover but it's already [been] more than six months. The price is very low and these producers are suffering from losses, so they have to start shutting down," said Mukhamedshin.

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