The revelation by Norsk Hydro, Norway’s major global aluminum producer headquartered in Oslo, that its computer systems were hit by a cyber-attack on Tuesday has propelled prices of the light metal upwards on leading commodities exchanges on concerns about possible disruptions to supply. Hydro produced nearly 2 million tonnes of primary aluminum last year, Mysteel notes.
The most-traded October aluminum contract on the Shanghai Futures Exchange (SHFE) reached a new high since June 14 partly due to the concern on the supply shortage of alumina with the breakout of strike at Alcoa’s mining operations in Western Australia on August 8, according to market sources.
Supply anxiety, higher costs drive SHFE Al price up Jul 31, 2018
The most-traded aluminum contract on Shanghai Futures Exchange, that for September delivery, increased for the third successive day, or up Yuan 125/tonne ($18.3/t) from the settlement price of Monday to close at Yuan 14,540/t as of July 31.
SHFE Al closed higher, despite loose supply fears Jul 25, 2018
The aluminum futures price on the Shanghai Futures Exchange continued to rise on Wednesday, despite market chatter that Washington may revoke sanctions on Rusal, the world’s second largest aluminum producer, and thus free up global aluminum supply.
SHFE Al price holds well, Cu price declines further Jul 18, 2018
The most-traded aluminum September contract on the Shanghai Futures Exchange (SHFE) held well on July 18 with a tiny slip of Yuan 20/tonne ($3/t) or 0.14% from the settlement price of Tuesday, despite a 0.7% day-on-day decline in the aluminum cash price on London Metal Exchange overnight.
SHFE Al down as PMI slides in June Jul 02, 2018
Shanghai aluminum sank to a 3-month low on Monday after China's manufacturing growth cooled slightly in June, reflecting a slowdown in the real economy and growing concerns over trade tensions between China and the United States.