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Wednesday, August 27, 2014
Aluminum Trades Near 18-Month High as U.S. Outlook Improves
Aluminum traded near an 18-month high on speculation demand is rising amid signs a recovery is gathering pace in the U.S. and before data forecast to show the country’s economy expanded for the second quarter.
The metal in London was little changed after rising 1 percent yesterday. The U.S. economy grew 3.9 percent in the three months through June, according to a Bloomberg survey of economists before government data tomorrow. Orders for goods meant to last at least three years climbed by a record 22.6 percent in July, the Commerce Department said yesterday. Consumer confidence unexpectedly rose in August to the highest level in almost seven years, a separate index showed.
Aluminum for delivery in three months on the London Metal Exchange was at $2,084 a metric ton, up 0.1 percent, at 8:38 a.m. in Hong Kong. It closed at $2,083 yesterday, the highest since February 2013. Also on the LME, nickel fell while copper was little changed. Lead, zinc and tin price unchanged .