๐ Aluminium stocks dip as production ramps up ๐
Shares of Vedanta Aluminium, Hindalco, and NALCO tumbled up to 7% on Friday after aluminium prices retreated from a seven-week high. This dip followed Norsk Hydro increasing production at its Brazilian refinery, Alunorte, after ANP approval. The benchmark aluminium on the London Metal Exchange fell 1.6% to settle at $3,285.50 a tonne. This rise in alumina supply counters previous concerns over shortages from Middle East disruptions. Analysts still see a structural bull cycle for aluminium supported by strong demand.