Aluminum Climbs to Highest in Six Weeks Before U.S. Data, G-20Sungwoo Park
Aluminum advanced for a fourth session, set for a weekly gain, ahead of data that may show a continued expansion in U.S. industrial output and as Group of 20 finance chiefs meet today in Moscow. Industrial metals rose.
Aluminum for delivery in three months on the London Metal Exchange gained as much as 0.6 percent to $2,169 a metric ton, the highest since Jan. 3, and traded at $2,167.50 at 5:10 p.m. in Seoul. The price is up 2.3 percent this week. Copper rose 0.2 percent to $8,258 a ton, trimming its weekly loss to 0.4 percent.
Data on industrial production later today is forecast to show a third-straight month of expansion. U.S. claims for jobless benefits were less than forecast last week. U.S. economic growth will accelerate every quarter this year to a median 2.7 percent in the final three months, according to 87 estimates compiled by Bloomberg.
“The U.S. industrial production data will probably show growth is sustained,” Lelia Kim, a metals trader at Seoul-based Tong Yang Securities Inc., said by phone today. “Investors also expect uncertainties in the broader financial markets to be eased after the G-20 meeting, although we can’t expect any specific policy measures.”
Copper futures for delivery in May increased 0.3 percent to $3.7635 a pound on the Comex in New York. Financial markets in China, the biggest consumer of the metal, were closed this week for the Lunar New Year.