London (awp / afp) – Aluminum prices rose this week, hitting their two-month high on the heels of rising production costs and strong demand expected in the United States.
The tonne of aluminum on the London Metal Exchange (LME) peaked at $ 2,851 per tonne on Friday, a first since October 26.
“Aluminum, which is one of the most energy-consuming materials, has clearly felt the rise in gas prices in recent days,” explained Daria Efanova, analyst at Sucden.
All industrial metals “also received a further boost after US President Joe Biden said a deal with one of the US senators, Joe Manchin, was possible,” Efanova added.
The tenant of the White House assured Tuesday that he would find common ground with the Democratic senator who blocks in Congress the adoption of the vast reform plan carried by the American president.
The 1.750 billion dollars allocated to it will be invested, among other things, in new infrastructures that are greedy in base metals.
On the LME, a tonne of aluminum for delivery in three months traded at $ 2,830 on Friday at 3:30 p.m. GMT (4:30 p.m. in Paris), against $ 2,724.50 the previous Friday at the close.
Gold takes advantage of a tired dollar
The price of gold appreciated slightly over the week, taking advantage of the sluggishness of a dollar abandoned by forex traders more focused on risky assets.
“Gold reacted above all to fluctuations in the US dollar,” said Han Tan of Exinity to AFP.
The Dollar index, which compares the greenback to a basket of other major currencies, has lost 0.5% since the start of the week, weighed down as a safe haven by information indicating that the variant is less dangerous. Omicron from Covid-19.
In particular, new studies have shown that the risk of hospitalization is lower than with previous forms of the coronavirus, even if its rapid and massive spread could put health systems under great strain.
As gold market prices are set in dollars, the decline in the US dollar encourages cheap purchases by investors using other currencies.
Around 3:30 p.m. GMT (4:30 p.m. in Paris), an ounce of gold was trading for $ 1,810.26, against $ 1,798.11 seven days earlier.
Sugar backed by petroleum
Sugar prices gained ground at the end of a shorter week than usual, Christmas Eve requires, drawn a reduced supply in Brazil.
Jack Scoville, of Price Group, explains that the rise in crude prices – more than 3% this week for the two benchmark contracts, Brent and WTI – has fueled that of sugar.
More expensive oil actually encourages the use in Brazil, the world’s largest exporter, of cane to produce ethanol that has become more competitive, which accordingly reduces the sugar available on the market.
In New York, the pound of raw sugar for March delivery closed Thursday at 19.24 cents, down from 19.11 cents seven days earlier.
In London, a tonne of white sugar for same month delivery was worth $ 503.30 compared to $ 498.00 the previous Friday at close.
bp / ved / a