{"id":558453,"date":"2021-08-10T04:21:09","date_gmt":"2021-08-10T04:21:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/aluminium-prices-surge-to-near-decade-high-delta-variant-to-hit-china-growth-prospects\/"},"modified":"2021-08-10T04:21:09","modified_gmt":"2021-08-10T04:21:09","slug":"aluminium-prices-surge-to-near-decade-high-delta-variant-to-hit-china-growth-prospects","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/aluminium-prices-surge-to-near-decade-high-delta-variant-to-hit-china-growth-prospects\/","title":{"rendered":"Aluminium prices surge to near decade high + Delta variant to hit China growth prospects"},"content":{"rendered":"<p><strong>SUPERCYCLE WATCH- Aluminium prices are nearing a decade high of c. USD <\/strong><strong>2.6k per tonne this week<\/strong>, supported by a post-pandemic global economic recovery and a sustained rebound in prices of industry-related materials, <a href=\"https:\/\/www.ft.com\/content\/a07c556d-2aa4-4b25-b00f-fdd42a2cf9b8\">the Financial Times<\/a> reports. Aluminium prices rose 31% y-o-y in 2021, with the potential for this year to outstrip 2010 as the \u201clargest annual demand growth in history,\u201d one analyst told the salmon-colored newspaper. The price rally is good news for an industry that has suffered from years of oversupply amid relentless growth in China\u2019s output.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>As the Delta variant thrives, oil prices plunge:<\/strong> Prices eased 4% this week, following last week's 7% drop \u2014 which was the steepest in 9 months \u2014 as demand in Asia slows due to a renewed covid surge, according to a <a href=\"https:\/\/www.ft.com\/content\/ba4ab9a0-4e89-4979-b794-c7e5593724a6\">Financial Times report<\/a>. China, the world\u2019s biggest oil importer, has scaled back imports by 5.6% cumulatively y-o-y in 2021 so far.<\/p>\n<p><strong>Saudi Arabia\u2019s budget deficit narrowed in 2Q2021 on higher oil, tax <\/strong><strong>revenues:<\/strong> Saudi Arabia posted a deficit of USD 1.2 bn during the April-June period, down 96% y-o-y from the <a href=\"https:\/\/www.reuters.com\/article\/us-saudi-economy-budget-idUSKCN24T1ZN\">USD 29.12 bn<\/a> recorded a year before. This came off the back of a 38% increase in oil revenues in 2Q2021, and the almost tripling of non-oil revenues to USD 31 bn, the Saudi finance ministry said in a statement picked up by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-08-09\/saudi-budget-deficit-narrows-in-second-quarter-on-higher-oil?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. Improving public finances are largely attributed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26a0a84b-8a53-4667-b2b8-d0056e8f5cee\">an increase in oil prices<\/a>, after having dropped to record levels during the depths of the pandemic last year.<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,800<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -0.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.65<\/p>\n<\/td>\n<td>\n<p>Sell 15.75<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.65<\/p>\n<\/td>\n<td>\n<p>Sell 15.75<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,197.97<\/p>\n<\/td>\n<td>\n<p>-0.15% (YTD: +28.87%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>7,572.82<\/p>\n<\/td>\n<td>\n<p>+0.95% (YTD: +50.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,823.35<\/p>\n<\/td>\n<td>\n<p>+0.02% (YTD: +13.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,432<\/p>\n<\/td>\n<td>\n<p>-0.09% (YTD: +18%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,132.3<\/p>\n<\/td>\n<td>\n<p>+0.13% (YTD: +10.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 68.97<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.03<\/p>\n<\/td>\n<td>\n<p>-0.69%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,725.80<\/p>\n<\/td>\n<td>\n<p>+0.54%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 45,944.44<\/p>\n<\/td>\n<td>\n<p>+6.19% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.6% at today\u2019s close<\/strong> on turnover of EGP 1.8 bn (27.8% above the 90-day average). Local investors were net buyers. The index is down 0.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>Telecom Egypt (+3.5%), Ezz Steel (+2.7%) and Medinet Nasr Housing (+1.5%).<\/p>\n<p><strong>In the red: <\/strong>AMOC (-3.6%), Speed Medical (-2.7%) and MM Group (-2.5%).<\/p>\n<p><strong>Asian markets are mixed this morning<\/strong>, with benchmark indexes in Tokyo and Hong Kong in the green while their counterparts in Shanghai and Seoul are in the red. Futures suggest shares in Europe and North America are likely to open in the red later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SUPERCYCLE WATCH- Aluminium prices are nearing a decade high of c. USD 2.6k per tonne this week, supported by a post-pandemic global economic recovery and a sustained rebound in prices of industry-related materials, the Financial Times reports. Aluminium prices rose 31% y-o-y in 2021, with the potential for this year to outstrip 2010 as the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[3551,116,107,72,119,260,122,3550,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558453","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-aluminium-prices","tag-china","tag-covid-19","tag-enterpriseam","tag-financial-markets","tag-goldman-sachs","tag-planet-finance","tag-price-drops","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"b89451de-94a8-494c-af21-7fa02e0e0171","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558435],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Aluminium prices surge to near decade high + Delta variant to hit China growth prospects - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/aluminium-prices-surge-to-near-decade-high-delta-variant-to-hit-china-growth-prospects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aluminium prices surge to near decade high + Delta variant to hit China growth prospects\" \/>\n<meta property=\"og:description\" content=\"SUPERCYCLE WATCH- Aluminium prices are nearing a decade high of c. 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Notably, demand has remained strong despite worries over the spread\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558910,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/31\/first-a-global-chip-shortage-now-the-capacitors-used-in-electronic-devices\/","url_meta":{"origin":558453,"position":2},"title":"First a global chip shortage, now the capacitors used in electronic devices?","author":"enterpriseam admin","date":"31 August 2021","format":false,"excerpt":"Aluminum prices are touching highs last seen a decade ago, buoyed by strong demand from buyers rushing to line up metal can, aircraft and building material shipments, the Wall Street Journal reports. 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