Aluminium, Nickel Prices Spike
Aluminium prices hit their highest in more than 10 years on Tuesday as smelters in top producer China faced tougher power controls, stoking supply worries for the energy-intensive metal.
The government in China's Guangxi region, an aluminium production hub, on Monday called for tougher controls on energy consumption in a statement issued after a teleconference. The region is China's third-biggest producer of alumina, a primary product of aluminium, with output of 925,500 tonnes in July, according to the National Bureau of Statistics.
Nickel prices also leaped to a record high in Shanghai and surpassed a seven-year high in London on Friday on upbeat demand and dwindling inventories.
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