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Aluminum prices gained following news that that a water storage pond at a Vedanta Ltd. alumina refinery in India collapsed, potentially removing more supply of the crucial raw material in an already tight market.
Aluminum rose as much as 3% in London and traded at $2,530 a ton by 4:04 pm. Copper traded 1.2% higher while nickel rose 1.5%. The alumina refinery feeds two aluminum smelters, which could have to reduce operating rates or try to source alumina from elsewhere, analysts from Morgan Stanley said in a Monday note.
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