Mexico
June 4, 2023
CRU Aluminum: The LME Gives Up $2,300 Price Point
Written by Matthew Abrams
The LME aluminum three-month price continued to make steady gains on the morning of June 2 and was seen trading at $2,308/t. The move marks the successful test of the key $2,200/t support earlier last week. SHFE aluminum prices also traded higher on that day. The cash price settled at RMB18,585/t and last traded at RMB18,665/t, registering gains of 1.5% on the day. LME gains were fueled by news that the US Congress approved a deal to lift the country’s borrowing limit, just a few days before the deadline that could have resulted in the US defaulting on its debts.
