Aluminum price hits 10-year high

Wednesday, March 9, 2005

Aluminum hit a 10-year high on the London Metal Exchange (LME) on Wednesday, with spot aluminum rising 0.3% to US$0.911/lb and three-month aluminum increasing 0.2% to US$0.899/lb.

Dow Jones Newswires reported that aluminum benefited from heavy fund and technical buying, with funds turning their attention away from copper and concentrating on aluminum on Wednesday.

Aluminum's increase was in contrast to most other base metals, which saw their value drop slightly on Wednesday.

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After adding 1.2% to its value on Tuesday, copper fell 0.8% to US$1.533/lb on Wednesday, while three-month copper fell 0.3% to US$1.480/lb.

Lead also saw its gains from Tuesday wiped out, as its spot price shed 1.7% to US$0.461/lb, while three-month lead fell 1.6% to US$0.442/lb. Zinc's price also fell.

Meanwhile, gold continued to rise as it added 0.5% to its spot price to close at US$439.50/oz on the London Bullion Market.