The exploding commodities markets have also had an impact on aluminum prices. Sun climbs the aluminum price well above the mark of 2,500 dollars per tonne, reaching a record high at $ 2,570. The industrial metal currently costs not so much as since August 2008. Analysts do this primarily to the inventory build in the manufacturing sector responsible in connection with the robust economic recovery.
The aluminum price rose from $ 1,300 to $ 2,570 per tonne in the last 25 months (+97.69 percent). Since the mid-2010 the upward trend has stabilized. So the price of aluminum increased to 1,820 to 2,500 dollars per tonne from June 2010 and February 2011 (+37.36 percent). From a technical point of view the trend process has the potential to rise to the next resistance at 2,800 dollars per tonne in the coming months.
China remains the growth engine of the world and is the largest aluminum consumer. Thus, the gross domestic product (GDP) in China by ten percent last year. For this year, economists expect a GDP increase of at least eight percent. Robust economic data from the manufacturing sector confirm the GDP forecast. The Chinese Purchasing Managers' Index (PMI) rose from 54.4 to 54.5 points in January 2011.
Besides China, the U.S. economy is responsible for the attractive price aluminum. Current economic data for the U.S. out better than predicted. The unemployment rate decreased very significantly from 9.4 percent to 9.0 percent. Analysts had expected a slight increase to 9.5 percent for the reference month January 2011.
For companies located in the euro zone, costs per ton of aluminum for delivery in three months is currently € 1863. The appreciation of the European single currency to the dollar has had a dampening effect on the aluminum price in €. The EUR / USD exchange rate had climbed from 1.29 to 1.38 between 10 January 2011 and the 2nd February 2011.
0 comments:
Post a Comment