Power prices propel aluminium to 2-month peak

Power at current prices can account for around 50% of aluminium smelting costs.(File pic shows aluminium stored at Port Klang, Malaysia.)

LONDON: Aluminium prices rose on Wednesday to their highest in more than two months as expectations of large deficits were reinforced by high power prices, particularly in Europe, and sliding stocks.

Benchmark aluminium on the London Metal Exchange was up 2.3% at $2,905 a tonne at 1705 GMT, having earlier touched $2,938.5, its highest since Oct. 25 and a rise of more than 10% since Nov. 5.