London aluminium jumped on Tuesday to a more than 10-year high and was on track for its seventh straight monthly gain as output curbs in top producer China stoked concerns over tight supply.
Aluminium prices have been supported by production curbs in Chinese smelting regions often aimed at easing the strain on the power grid.
Three-month aluminium on the London Metal Exchange advanced as much as 2.9% to $2,726.50 a tonne, its highest since May 2011, before easing to $2,693 a tonne, still up 1.6% at 0753 GMT. "The impact of power and production restrictions in Yunnan is still expanding," Huatai Futures said in a report, adding the addition of other production areas to the list was not ruled out.
The China Nonferrous Metals Industry Association held a meeting of top aluminium smelters on Monday to address what it described as an "irrational surge" in aluminium prices.* The LME cash aluminium contract was trading at a premium of $25.75 a tonne to the three-month contract , its biggest since July 2018, indicating tightening nearby supplies.
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