01.09.202514:02:25UTC+00Aluminum Holds Rebound

Aluminum futures are currently priced at $2,610 per tonne, maintaining the majority of their rally since April, bolstered by a weakened dollar and anticipated declines in supply. Recent developments saw Guinea Alumina losing all its mining licenses after Guinea's military-led administration transferred these rights to a newly established state-owned enterprise, potentially disrupting ore production for significant producer Emirates Global Aluminum. In conjunction with this, South32 announced the closure of its Mozal smelter in Mozambique due to difficulties in securing power, leading to the shutdown of Africa's second-largest smelting operation. Additionally, China's output is expected to be capped at 45 million tons this year, in line with the country's annual production limit, thus restricting supply growth from the world's leading producer. Meanwhile, the broader RatingDog manufacturing Purchasing Managers' Index (PMI) in China unexpectedly signaled growth within the world's largest manufacturing sector.