Metal Investments

Aluminium New High

08. July 2008

Tuesday, 12:50pm GMT


  • Aluminium LME 3 month price rocketed on Monday and hit a record $3,327 a tonne on power problems of a top producer in China. Aluminium reached $3,310 a tonne on 11th May 2006, the previous all time high. Aluminium Corp of China (Chalco), said the firm's two aluminium smelters, with combined capacity of 500,000 tonnes, in Shanxi province had tight power supplies.

  • Oil prices are slighly up on Tuesday as leaders of the World's rich industrial nations warned of the dangers of soaring oil prices. New York's main oil futures contract light crude for August delivery was 91 cents higher at $ 142.28 a barrel.

  • Copper LME 3 month price eased on Mondayy and today as the U.S. dollar strengthened but a fall in inventory and some bargain hunting after sharp falls last week limited losses. The dollar was up against the euro on Monday as investors waited for U.S. monetary policy.

  • Gold is at $921.40.

  • The FTSE 100 index was at 5444 down 68 points. The FTSE 100 officially entered a bear market on Monday as it fell by 147.5 points to 5365.2 amid warnings from the British Chambers of Commerce that Britain is close to entering a recession. A bear market is defined by shares falling by more than 20pc from their recent peak.