Aluminum’s fundamentals remain dire, despite the upswing in Chinese Imports. Imports in the country are rising due to an arbitrage opportunity as Shanghai Futures Exchange aluminum is selling at a premium of $400-$500 per tonne on the London Metal Exchange.
Thousands of tribal people Tuesday stepped up protests against a proposal by Vedanta Resources PLC to mine bauxite on land revered by locals in eastern India, police said. For full story, click here
Aluminum prices are near five-year lows as orders drop from automakers, builders and appliance manufacturers. The global recession, collapsing consumer and corporate confidence and plunging demand for industrial metals have combined to drop the aluminum prices on the LME to their lowest monthly rate since April 2003.
The copmany may take $1.7 billion in one-time charges after closing a nickel mine in Australia and slashing 6,000 jobs as the global recession curbs demand for minerals. For full story, click here
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