Chinalco expects non-ferrous metal prices to fluctuate upward
Aluminum Corporation of China-Aluminum Corporation of China Co., Ltd. said on Wednesday that it expects global non-ferrous metal prices to fluctuate upward. At the beginning of this year, global aluminum prices have fallen by more than 50% from last summer's high, and later global aluminum prices began to rise gradually. At 12:06 Greenwich Mean Time on December 9, LME's three-month aluminum was quoted at 2171/2181 USD/ton, while the price quoted by Lunal in February was not higher than 1300 USD/ton. Xiong Weiping, general manager of Chinalco, said in an interview with Xinhua News Agency, "At present, the non-ferrous metal industry is basically stable and beginning to pick up, but the market is not very stable." It added, "However, the global economic recovery will effectively promote the continued recovery of non-ferrous metal consumption and production." Xiong Weiping said that global inflation expectations will help boost base metal prices, but base metal prices are still under pressure from overcapacity. "On the whole, non-ferrous metal prices are expected to show a volatile trend but the overall upward." He said in an interview. Xiong Weiping said that he regretted that Chinalco failed to reach an agreement with Rio Tinto, but Chinalco will continue to actively seek other similar cooperation opportunities. Rio Tinto's chief executive TomAlbanese said last month that Rio Tinto would actively maintain a close cooperative relationship with Chinalco, and that the two sides had recently held talks on potential cooperation opportunities.