Aluminum Reaches Six-Week High as GM Profit Signals Demand Gains
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Aluminum advanced to a six-week high as rising global auto sales and further signs of economic recovery in the U.S. bolstered the outlook for demand.
General Motors Co. said today that fourth-quarter earnings jumped 65 percent. The Aluminum Association estimates that North American vehicles use about 350 pounds (159 kilograms) of the lightweight metal. U.S. jobless claims last week fell by 27,000, the most in a month, to 341,000, lower than any projection in a Bloomberg survey of economists, the government said today.