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Aluminum Climbs for First Time in Three Days

Aluminum Climbs for First Time in Three Days

Aluminum advanced for the first time in three days, rebounding from a four-week low, after the U.S. Federal Reserve said a recovery in the world’s largest economy was intact.

Aluminum for delivery in three months increased as much as 0.8 percent to $1,804 a metric ton on the London Metal Exchange and was at $1,801.25 at 12:55 p.m. in Tokyo. The metal touched $1,785 yesterday, the lowest level since Aug. 7. Copper was little changed at $7,128 a ton.

“There’s some good buying interest below $1,800 for aluminum,” said Hwang Il Doo, a senior trader at Korea Exchange Bank Futures Co. inSeoul. Copper has the potential to rally from a 1.7 percent drop yesterday, he said.

Copper futures for delivery in December were little changed at $3.2425 a pound on the Comex in New York. Futures for delivery in December on the Shanghai Futures Exchange fell 0.8 percent to 51,620 yuan ($8,434) a ton.

On the LME, zinc advanced, while lead declined and nickel and tin were little changed.

 

For full article: http://www.bloomberg.com/news/print/2013-09-05/aluminum-climbs-for-first-time-in-three-days-on-growth-optimism.html



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