(Updating prices, adding values)
HANOI, March 16 (Reuters) – Shanghai aluminum prices hit a 9-1 / 2-year high on Tuesday, as supply concerns arose after an aluminum hub in key Chinese consumers ordered power cuts and output loops .
Inner Mongolia, the Chinese city of Baotou, a major aluminum production area, has ordered some efforts to meet its energy consumption targets for the first quarter.
CRU analyst Wan Ling said this could translate into a 100,000-year annual aluminum production reduction.
The most traded April aluminum contract on the Shanghai Futures Exchange climbed as much as 2.6% to 17,980 Yuan ($ 2,767.90) per tonne, a level not seen since August 2011.
The three-month aluminum on the London Metal Exchange rose as much as 0.4% to $ 2,227 per tonne.
“Figures published by the National Bureau of Statistics showed strong aluminum production in China over the first two months,” said ING analysts, citing an 8.4% annual increase in China’s aluminum production in the first two months. month of 2021.
“However, investors seem to be looking more positive, and instead focused on the ongoing yield cuts in Inner Mongolia,” they said.
PROPERTY
* Aluminum products in LME stores MALSTX-TOTAL moving around the highest level since March 2017, while stocks were in ShFE warehouses AL-STX-SGH hit an unprecedented high level from April 2020 last week, the latest data showed.
* LME silver aluminum was at a $ 25.25 discount to the three-month contract CMAL0-3, suggesting abundant supply.
* The spread between LME and ShFE aluminum silver prices last was at $ 246.13 per tonne, approaching the July 2020 high of $ 267.50 per tonne.
* LME copper fell 0.5% to $ 9,102.50 per tonne at 0514 GMT and nickel fell 0.6% to $ 16,120 per tonne. ShFE tin contract decreased 1% to 175,120 Yuan per tonne and ShFE copper fell 0.2% to 67,410 Yuan per tonne.
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$ 1 = 6.4959 yuan Reciting by Mai Nguyen; Edited by Uttaresh.V and Ramakrishnan M.