Aluminum climbs on weak dollar index

Commodity reported that LME aluminum prices climbed to a new high of USD 2,757 per tonne driven up by rising energy prices and weak US dollar index.

The LME remained and next Monday for holidays and investors exited the market after profit taking due to a lack of confidence, causing positions to decline by over 80,000 lots. LME aluminum prices finally closed at USD 2,745 per tonne up USD 18 per tonne or 0.66% compared with the previous trading day.

The World Bureau of Metal Statistics said that the global aluminum market was in surplus by 302,000 tonnes in the first 2 months of the year. Aluminum has touched a low of INR 121.5 per kilogram after opening at INR 121.95 and last traded at INR 122.1.