ANL 14.51 Increased By ▲ 0.13 (0.9%)
ASC 13.30 Increased By ▲ 0.10 (0.76%)
ASL 14.00 No Change ▼ 0.00 (0%)
BOP 8.37 Increased By ▲ 0.02 (0.24%)
BYCO 6.50 Increased By ▲ 0.05 (0.78%)
FCCL 17.80 Increased By ▲ 0.12 (0.68%)
FFBL 26.00 Decreased By ▼ -0.01 (-0.04%)
FFL 11.15 Decreased By ▼ -0.08 (-0.71%)
FNEL 10.72 Increased By ▲ 0.03 (0.28%)
GGGL 14.90 Decreased By ▼ -0.35 (-2.3%)
GGL 31.40 Increased By ▲ 0.55 (1.78%)
HUMNL 6.22 Decreased By ▼ -0.21 (-3.27%)
JSCL 17.00 Decreased By ▼ -0.10 (-0.58%)
KAPCO 31.48 Increased By ▲ 0.68 (2.21%)
KEL 3.20 Decreased By ▼ -0.03 (-0.93%)
MDTL 2.20 Decreased By ▼ -0.05 (-2.22%)
MLCF 33.80 Increased By ▲ 0.55 (1.65%)
NETSOL 97.25 Decreased By ▼ -1.15 (-1.17%)
PACE 4.22 Decreased By ▼ -0.10 (-2.31%)
PAEL 23.00 Decreased By ▼ -0.06 (-0.26%)
PIBTL 7.43 Decreased By ▼ -0.14 (-1.85%)
POWER 6.65 Increased By ▲ 0.10 (1.53%)
PRL 13.50 Decreased By ▼ -0.30 (-2.17%)
PTC 8.90 Increased By ▲ 0.03 (0.34%)
SILK 1.30 Decreased By ▼ -0.06 (-4.41%)
SNGP 39.66 Decreased By ▼ -0.14 (-0.35%)
TELE 16.40 Decreased By ▼ -0.45 (-2.67%)
TRG 87.40 Decreased By ▼ -1.50 (-1.69%)
UNITY 25.22 Decreased By ▼ -0.24 (-0.94%)
WTL 2.10 Decreased By ▼ -0.03 (-1.41%)
BR100 4,519 Increased By ▲ 21.96 (0.49%)
BR30 18,277 Decreased By ▼ -62.37 (-0.34%)
KSE100 44,114 Increased By ▲ 178.41 (0.41%)
KSE30 17,034 Increased By ▲ 94.74 (0.56%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,704
724hr
Pakistan Cases
1,283,886
41124hr
0.92% positivity
Sindh
475,097
Punjab
442,876
Balochistan
33,471
Islamabad
107,601
KPK
179,888

LONDON: Aluminium prices climbed towards 13-year highs on Monday, boosted by strong demand and large shortages created by China imposing production curbs on high-polluting industries such as smelting to cut power use and emissions.

Benchmark aluminium on the London Metal Exchange (LME) traded 2.1% up at $2,917 a tonne by 1558 GMT. Prices of the metal used in the transport and packaging industries last month hit $3,000 a tonne for its highest since July 2008.

A widespread power shortage in China has raised concerns over slower growth and demand as the government has focused on limiting use by energy-intensive industries to lessen the impact on households.

Aluminium smelters can account for up to 7% of China's overall energy consumption, analysts say, and up to 40% of the metal's production costs in China could be accounted for by power.

"The aluminium story isn't over yet by any means," one fund manager said. "Consumption may be slowing in China, but the rest of the world is still in deficit."

DATA: China's import and export data later this week will be closely watched for clues to growth and demand for base metals.

"Headwinds to China's demand have been pronounced year-to-date over car production, construction activity and more recently tight power markets," said BoA Securities analyst Michael Widmer.

"The fundamental backdrop may remain subdued until auto, property and power issues normalise, although this may not happen until 2022."

We love hearing your feedback, please help us improve by answering these few survey questions

Comments

Comments are closed.