Aluminum Prices Surge as China Imposes Curbs
(Beijing) — China’s aluminum industry is being hit by a double whammy — forced closures of unapproved plants to curb overcapacity and heavy cuts in production over the winter months to ease choking pollution. But the bad news has been good news for investors, speculators and some companies.
The price of the metal, which is used in a wide range of industries including aerospace, construction and packaging, has surged in domestic markets as speculators anticipated a repeat of the bull market already seen in coal and steel after the government ordered cuts in capacity and output in those industries. Aluminum traded on international markets has risen on China’s coattails on expectations that the curbs imposed in the world’s largest producer of the metal will push global prices higher.
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