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Aluminum Gains on Supply Concerns, Wheat Falls on Weather

April 2, 2014 at 18:19 by Vladimir Vyun

Aluminum rose today, touching the highest level this year, on concerns about supply. Copper prices also went up as Chile, which is the biggest producer of the metal, experienced a massive earthquake today and it should obviously affect output from this country. There are speculations that aluminum production in Brazil and Russia, which are among major producers, will decline. Contract for delivery in three months rallied $10.5 (0.59 percent) to settle at $1,795.5 per metric ton on LME today. Earlier, the price reached $1,830, the highest rate since December 30.

Wheat dropped today, along with many other agricultural commodities, on forecasts of rains in the United States. Soybeans fell too, erasing the previous rally. Forecasters predict that Kansas, Oklahoma and Texas will receive rainfall in the next few days, easing fears that dry weather might damage crops. May futures for delivery of wheat dropped as much as $0.1750 (2.55 percent) to $6.6775 per bushel as of 18:11 GMT on CBoT today, following the drop to $6.6500, the weakest price since March 12. Soybeans sank $0.2050 (1.38 percent) to $14.6400 per bushel, while earlier prices touched $14.9600 — the highest since June 6.

If you have any questions and comments on the commodities today, use the form below to reply.

2 Responses to “Aluminum Gains on Supply Concerns, Wheat Falls on Weather”

  1. Mary de Wet

    By what measure do you reckon Chile is the world’s largest aluminum producer? It’s the biggest copper producer, but I’m pretty sure China produces more ali than anyone else.

    [Reply]

    Andriy Moraru Reply:

    Sorry, that was meant as a side-note about copper, not aluminum. Thanks for reporting.

    [Reply]

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