Sean Gallup/Getty Images News
Sean Gallup/Getty Images News
Alcoa (NYSE:AA ) +4.8% in Wednesday's trading, rebounding from their lowest level in more than two months, as China's President Xi Jinping called for all-out efforts to increase infrastructure spending to boost an economy that has been hammered by COVID-related lockdowns.
Aluminum (LMAHDS03:COM) on the London Metal Exchange rose 1.4% to $3,106/metric ton after settling Tuesday at its lowest level since February 3.
Xi's call "appears to be lending some buoyancy to metals prices on the LME and SHFE today, though traders do not seem overly euphoric," Commerzbank analyst Daniel Briesemann said, according to Bloomberg.
Most base metals, including copper and tin, are lower in London, weighed by fears of weak demand in China due to the COVID-19 restrictions.
Meanwhile, the shortfall in aluminum inventories in LME-tracked warehouses - which are at their lowest level since 2005 - has increased following Russia's invasion of Ukraine and record fuel costs led to smelter closures in Europe.
Alcoa (AA) shares plunged last week after reporting a surprise miss on Q1 revenues and forecasting aluminum demand this year would grow by only 2%.