CAPITAL MARKETS

Iron ore rises, aluminium at 13-year high

Base metals bar nickel gained on the London Metal Exchange, with the metals industry in the spotlight for LME Week.

Staff reporter
 LME Week is underway in London

LME Week is underway in London

Supply pressure has pushed the aluminium price to its highest point since 2008, with the spot price up 3.27% to US$3,044.50 per tonne.

Marex's Al Munro on the LME desk referred to a report that Europe's aluminium production might come to a complete stop by year-end as current magnesium inventories - where China is the main supplier - are only expected to last to the end of November.

China's power woes look set to worsen with heavy flooding impacting the key coal producing region of Shanxi.

Elsewhere, the iron ore price rose US$11.90 or 9.5% to $136.95/t, according to Australian online broker CommSec.

Gold is similar to this point yesterday at $1,754 an ounce on the spot market.

Anglo American led gains among mining majors in London with a 5.2% rise and Antofagasta closed up 4.18%.

Freeport-McMoRan finished up 3.27% in New York and BHP was 1% higher in morning Australian trade.

Toronto markets were closed for Thanksgiving yesterday.

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