Aluminum demand in July “appears to have grown at a double-digit annual pace for the third month running,” according to David Thurtell, an analyst at Citigroup Inc. in Singapore. He made his comments by e-mail after the International Aluminium Institute today said production averaged 70,200 metric tons a day in July. The output doesn’t include China, the world’s largest producer of the metal.
Industrial metals in London jumped the most in three years, led by copper and nickel, as European governments moved closer to containing the region’s debt crisis and manufacturing rebounded in China, the world’s top consumer.
Copper tumbled into a so-called bear market, slumping for a fifth day, after the Federal Reserve said that the U.S. economy faces “significant downside risks,” eroding prospects for industrial-metals demand.
Commodities increased for a second day as the Chinese currency strengthened beyond 6.4 per dollar for the first time in 17 years, raising the purchasing power of the world’s top consumer of energy and industrial metals.