In London this morning aluminum prices shot up to 4 month highs. See the charts below.
Here is a quick recap of some of the major data points that have been keeping this market on its toes:
May 11 - Sohar Aluminum's Oman smelter goes operational
May 12 - Sichuan earthquake
May 15 - Rusal announces construction of new 750,000T smelter in Taishet is underway
May 26 - Rusal announces expansion of Irkutsk smelter -170,000T annual increase operational in Q4
June 4 - Varanus Fire
June 19 - China reduces oil subsidies, $50T cost increase projected
June 26 - Chalco indicates problems with Saudi smelter project
June 26 - Rio Tinto postpones new $2.7B smelter start in South Africa indefinitely due to Eskom's inability to support a new facility (Rio's 3 existing smelters there running at diminished levels with blackout interruptions)
June 27 - Tat and Nalco announce plans to build a new $3B plant in South Africa
July 7 - Chalco announces lowered output at two Shanxi facilities due to electricity shortfalls
July 7 - NDRC approves new Yunnan Aluminum facility in Wenshan with annual capacity of 800,000T and expansion to add 700,000T at Chalco's existing Zhengzhou smelter.
Research Edge, LLC