Industrial metals rise on Chinese data, aluminum hits eight-month high

The prices of the base metals rose on Wednesday in London, boosted by rising industrial profits in Chinathe main consumer of metals, while aluminum reached eight-month highs due to technical purchases and concerns about supply.

• When operations resume after the Christmas holidays, three-month aluminum in the London Metal Exchange (LME) gained 2% to US$2,373.5 a metric ton at 1148 GMT, after hitting its highest since May 2 at US$2,382.
• The profits of aluminum They were due to purchases by Commodity Trade Advisor (CTA) investment funds, which operate largely with computer programs, according to one trader.
• The supply of Guineathe world’s third largest producer of bauxite, the raw material for alumina, was also in the spotlight after an explosion on December 18 damaged fuel tanks at the main oil terminal that handles imports of fuel.

• Guinea stated on Saturday that the supply of fuel at gas stations improved significantly thanks to diplomatic efforts with neighboring countries.
• He aluminum is rising even though daily LME data shows that total stocks in LME-registered warehouses They rose to a four-month high of 523,725 tonnes following the delivery of 15,950 tonnes.
• The dollar hit five-month lows on expectations that the Federal Reserve could soon cut interest rates, making metals priced in dollars more attractive to buyers using other currencies.

• Among others metals basics, copper on the LME rose 0.5% to US$ 8,616 per ton, the zinc It added 1.1% to US$2,630 after reaching US$2,644, its highest since November 16.
• Tin, for its part, gained 3% to US$25,605 after hitting its highest since September 28 at US$25,845, while lead it advanced 0.8% to US$2,080.
• Nickel rose 2.3% to US$ 16,885 per ton, with the market focused on the rebound of the main producer, Indonesiawhere workers demand greater job security after a fatal accident.