Aluminium,
the best performer of 2017 on a year to date basis; however seems to have run
out of luck in June as it is the only base metal on the losing side. Aluminium
prices on the LME and MCX have plunged by 2.5 and 1.8 percent respectively on a
month-to-date basis as against a surge of 11 and 4 percent on a year-to-date
basis. Average Aluminium prices have slipped to $1893.5/t so far in June’17,
lowest since Feb’17, all thanks to falling coal and crude oil prices since the
light metal industry is highly energy intensive. Currently, Crude oil prices
are languishing near nine-month lows hit by a double whammy of recovery in OPEC
output in May’17 coupled with rising US production. While on the other hand,
coking coal prices are hovering near one year lows in China despite rising
imports from China.
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