Aluminium prices up on China power cuts

Aluminium prices in London were higher Monday on reports of power shortages at smelters in northern China which cut output there.

The cuts, which affect nearly 5 percent of China’s aluminium output, came on government orders so that farmers in the region will have enough power to operate.

In late afternoon trade in London, aluminium was trading at $3,300 per tonne.

New York copper prices, on the other hand, declined in New York, falling 10 cents to $3.85 per pound on a stronger dollar and on the news that a week-old miners’ strike in Peru has ended.

In London, however, three-month copper added $7.50 to $8,480 per tonne on the London Metal Exchange.

Precious metals prices were also pushed lower by the gains in the dollar, with August gold down $4.80 to $928.80 per troy ounce in New York while at the same time September silver fell 45 cents to $17.92 per troy ounce and October platinum dropped $46.60 to $1,983.80 per troy ounce.