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Supply Concerns

posted on Jun 20, 08 07:22AM

Supply fears push aluminium to three-month high

Fri 20 Jun 2008, 9:52 GMT

[-] Text [+]

By Pratima Desai

LONDON (Reuters) - Aluminium prices jumped to a three-month high on Friday as investors bought on news a U.S. producer shut down about half its capacity, while copper hit a one-month high.

Benchmark aluminium on the London Metal Exchange hit $3,158 a tonne, its highest level since March 14. It was trading up at $3,152 a tonne at 1017 GMT from Thursday's close at $3,070.

Aluminium producer Alcoa said on Thursday it would temporarily idle half the production at its Rockdale, Texas, smelter because of local power supply problems.

Three of the plant's six operating potlines -- representing about 120,000 tonnes per year of production -- have been shut down as a result of the electricity supply interruptions.

Could nickel prices be next?