Iron ore price extends gains on China stimulus hopes
A highly anticipated third plenum that started from Monday will outline efforts to promote advanced manufacturing.
Aluminum prices rose on Thursday as talks of fresh output curbs in top producer and consumer China fueled concerns about supply disruptions.
Three-month aluminum on the London Metal Exchange edged up 0.2% to $2,899 a tonne by 0241 GMT, while the most-traded October aluminum contract on the Shanghai Futures Exchange advanced 2% to 22,735 yuan ($3,534.07) a tonne.
Both contracts have risen about 45% so far this year, hit by supply worries mostly from China.
Aluminum producer Shaanxi Nonferrous Yulin New Material will have to reduce its output by 50% in September as part of energy consumption controls, according to a local government document posted by consultancy MySteel.
The company has a smelting capacity of around 600,000 tonnes per year. Shaanxi Nonferrous Yulin and a local government official were not immediately able to comment on the document.
China’s aluminum output in August slipped for a fourth straight month, as restrictions on metal production and power usage in key smelting hubs kept supply tight.
(By Mai Nguyen; Editing by Devika Syamnath)
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