HANOI — London aluminum prices rose on Tuesday, as top producer China’s commitment to curb carbon emissions sparked worries that supply of the energy-intensive metal will be limited.
Three-month copper on the London Metal Exchange rose 1.5% to $2,432.50 a tonne by 0253 GMT, copper advanced 0.9% to $9,909.50 a tonne, zinc was up 0.4% to $2,936.50 a tonne, while nickel fell 0.2% to $17,635 a tonne.
“We expect aluminum to remain supported in the short term amid concerns climate change policies in China will curb output,” said ANZ analysts in a note.
“Coal-fired power is used by more than 80% of China’s aluminum smelters. Pollution-reduction policies are likely to push many of them to hook up to the grid, thereby increasing their costs,” they added.
* The global copper market should see a surplus of 79,000 tonnes this year and of 109,000 tonnes in 2022, the International Copper Study Group said on Monday.
* Top copper producer Chile saw output of the red metal fall for the tenth consecutive month in March, official data showed, marking a modest but continual slide in production that began shortly after the COVID-19 pandemic struck the country.
* Indonesian state miner Aneka Tambang (Antam) said on Monday its nickel ore output rose more than four-fold in the first three months of 2021 compared to the same period a year ago.
* The Shanghai Futures Exchange is closed for a public holiday.
* For the top stories in metals and other news, click or
* Asia’s share markets were mostly higher as regional equity investors looked to signs of recovery from the coronavirus pandemic as major economies around the world reopen.
0430 Australia RBA Cash Rate May
0830 UK Markit/CIPS Mfg PMI Final April
1230 US International Trade March
1400 US Factory Orders MM March
(Reporting by Mai Nguyen; Editing by Rashmi Aich)