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August 4, 2009

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Chalco raises spot prices as demand up

ALUMINUM Corp of China Ltd, or Chalco, has raised spot alumina prices by 4.3 percent as demand recovered at home and abroad.

The prices rose by 100 yuan (US$14.60) to 2,400 yuan per ton, effective last Saturday, according to a price table on its Website. This follows the previous increase by the same amount on April 1.

Aluminum futures have gained 19 percent on the Shanghai Futures Exchange since April 1, as China's stimulus measures spurred demand from related industries.

Goldstate Securities analyst Ou Wenpei said in a note that Chalco is likely to further increase alumina prices in the short term if aluminum prices keep rising, although the company's two recent increases showed it remained cautious.

"Aluminum prices were mainly driven by China's demand in the previous period, but more recently the increase is supported by a recovering economic situation globally," Ou said.

Rising aluminum prices have also spurred domestic smelters to restart idle capacity, which analysts said would curb price rises. China's production has been rising since March, according to Ou.


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