Aluminum prices climb above $2,500 on rising demand in China

The aluminum price on London Metal Exchange crossed the mark of $2500 on Wednesday for the first time since December 8. During the day it reached $2517, but by the close it rolled back to $2491.50, having added 1.14%. The metal continued the gains seen in three consecutive trading sessions. While the metal ended the week with a 3.5% decline, it soared more than 6% on Monday.

A positive factor is the growing demand for industrial metals in China, a trend which is expected to continue, Prime news agency quoted experts as saying. In this regard, this year not only aluminum, but other metals also show positive dynamics. Increase in the number of purchases is observed now mainly in China, notes analyst Marex Alastair Munro, as reported by Bloomberg.

Last year aluminum fell in price by 15.3%, in December it fell by 4%.