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UPDATE 5-Aluminium stalls, but looks set for new high

Wed Jun 25, 2008 9:35pm IST
 
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* Market awaits U.S. rate decision

* Aluminium eyes record highs

* Rising energy costs boost aluminium's fundamentals

(Updates prices, refreshes comment)

By Pratima Desai

LONDON, June 25 (Reuters) - Aluminium prices look set for record highs on the back of strong fundamentals, analysts said on Wednesday, as other industrial metals held steady ahead of a decision on interest rates by the U.S. Federal reserve.

Aluminium MAL3 for three-months delivery on the London Metal Exchange ended the day at $3,058 a tonne, knocked slightly by rising inventories, compared with $3,105 a tonne at the close on Tuesday.

The metal used widely in power, packaging and transport, touched $3,169 on Monday, the highest level since the middle of March and only about $150 below the all-time high of $3,310 a tonne hit in May 2006.   Continued...

Construction workers work at a site as the sun sets in Chandigarh in this December 2006 file photo. REUTERS/Ajay Verma
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