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Aluminium prices drop nearly 30% amid trade war woes; will they recover?

China will remain the driving force of global aluminium prices. If the trade tensions and global microeconomic headwinds continue, prices would remain under pressure

October 13, 2019 / 09:13 AM IST
Representative image

Representative image

Hareesh V

Aluminium prices in the key LME platform (London Metal Exchange) dipped to a near three-year-low. Escalating US-China trade war tensions and subdued demand from the automobile sector weighed down the sentiments.

Domestic prices to follow suit but a weak Indian Rupee offered lower-level support. In LME, prices declined more than 28 percent since mid-2018 when the world’s top two economies started imposing tariffs on each other.

Trade war worries that continued for the last 15 months hit the global economic sentiments adversely and fanned fears of a possible recession.