Aluminum producer’s cutbacks have done little to stabilize the metal’s free fall. In London, the price of aluminum fell to $1,321 per tonne from $1,345. In New York, it was selling for 59 cents per pound. Six months ago, the metal’s going rate was $1.50 per pound.
World aluminum prices recorded a marginal gain on Monday on the back of news that the incoming US administration will be unveiling a major stimulus package. US President-Elect Barrack Obama announced plans for the biggest infrastructure investment since the creation of an interstate highway in the 1950’s.
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