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Category Cars
Created 2015-07-27
Owner tjdetai
Title Fund flow pushes aluminium to 13-mth high
Description london: Aluminium climbed to a 13-month high on Tuesday while copper gained 1.5% on the back of fresh investment money coming into metals, betting on a stronger recovery in demand next year. The dollar’s fall after Federal Reserve chairman Ben Bernanke’s comments on the US economy has also helped boost metal prices, making them cheaper for non-US investors. Bernanke on Monday said the U.S. economy’s recovery remained fragile and unemployment may be high for some time, cooling anticipation of an early increase in U.S. interest rates. Higher US rates could dampen the pace of economic recovery and bolster the dollar, making purchases of dollar-priced commodities more expensive for holders of other currencies. Copper for three-months delivery on the London Metal Exchange rose to $7,107 a tonne by 1021 GMT, versus $6,999 a tonne on Monday, when it fell to $6,920 a tonne, its lowest in almost a week. Aluminium climbed to $2,190 a tonne, its highest since October 30, 2008. The energy-intensive metal was last at $2,188 a tonne from Monday’s $2,158 a tonne. Funds, speculators and investors are betting on the outlook for next year, which looks much better for copper and aluminium, said Andrey Kryuchenkov, analyst at VTB Capital. Investors fleeing currency volatility, financial market turmoil and inflation pressures have also piled into industrial metals in recent months, seeking safety in hard assets. Copper has gained over 132% this year, triggered by Chinese restocking, signs of improvement in the world economy and speculative buying. Aluminium, on the other hand, has only gained 42%, as as a massive stockpile of the metal coupled with poor demand has weighed on the prices. But some analysts think the metal is now playing catch-up. Aluminium is being bought because it’s probably perceived as undervalued compared to copper, said analyst Robin Bhar at Calyon, adding that the metal has broken a long consolidation range in which it was stuck since August.

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