Aluminum prices fell to 17 month lows on Tuesday as a strong dollar and worries over economic growth overshadowed production cuts in Europe.
The dollar was close to 20-year highs, which makes dollar-priced metals costlier for buyers with other currencies and can deter buyers.Pushing it up are an energy crisis in Europe and strict covid-19 controls in China that have slowed economic activity and hammered the yuan and euro.
Sky-high energy prices in Europe have forced smelters to reduce output — with France’s biggest aluminum smelter the latest to cut — but they also harm other industries, shrinking demand.[Click here for interactiveThe metal used in construction, transport, and packaging is down 44% from a high in March and down 19% this year.“Metal consumption should decline, driven by a Europe-led downturn in the months ahead,” analysts at Citi said.
On Tuesday, a source said France’s Aluminium Dunkerque would cut production by one-fifth and Norsk Hydro said it would keep a small portion of its capacity in Norway offline after maintenance. However, aluminum stocks in LME-registered warehouses rose by 31,325 tonnes to 308,375 tonnes on Tuesday, easing supply worries.In China, meanwhile, the central bank moved to support the yuan and officials signaled a renewed sense of urgency on the economic stimulus that should support metals demand.
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