The copper traded with losses this Tuesday, December 14, while aluminum fell due to the increase in inventories in warehouses registered on the London Metal Exchange (LME).
As reported by Reuters, aluminum losses at the end of the day were limited by expectations of strong demand and tight supplies from the main producer, China.
Along these lines, the benchmark aluminum price on the LME lost 1.1% to $ 2,626 a ton, reversing previous gains that brought prices to $ 2,665.25, the highest level since December 2.
“Aluminum is down a lot compared to other base metals, it looks cheap in the face of good global demand,” said Dan Smith of Commodity Market Analytics.
The specialist added that Chinese supply could rise if the government puts growth before the environment, although not enough to significantly alleviate the shortage.
Meanwhile, copper, at three months on the LME, fell 0.6% to 9,390 dollars a ton; zinc was down 1% at $ 3,290; lead was down 0.6% at $ 2,285; tin was almost unchanged at $ 38,750; and nickel was down 1.1% at $ 19,505.
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