Aluminum prices hit 18-month high
Aug 26, 2014 | 05:04 PM
| Nathan Laliberte
NEW YORK Aluminum prices hit an 18-month high Aug. 26 as surging demand from key market sectors, coupled with a significant increase in July orders for manufactured durable goods, helped buoy terminal markets.
The London Metal Exchanges three-month aluminum contract closed the official session Aug. 26 at $2,089 per tonne (94.8 cents per pound), its highest level since Feb. 15, 2013, and up 2.5 percent vs. $2,037.5 per tonne (92.4 cents per pound) a week ago.
Traders said prices were being supported by spiking orders for manufactured durable goods, which increased to $300.1 billion in July, up 22.6 percent compared with the previous month, according to U.S. Census Bureau data. This increase followed a 2.7-percent rise in June and marked the fifth gain in the last six months.....
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