Friday 29 Mar 2024
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SYDNEY (Dec 9): Shanghai aluminium plumbed its lowest since May on Tuesday, as growing overcapacity and a shaky demand outlook in China curbed buying that had already begun to wane towards year-end.

FUNDAMENTALS

* The most-traded February aluminium contract on the Shanghai Futures Exchange had fallen 0.3 percent to 13,360 yuan ($2,164) a tonne by 0137 GMT.

* The ShFE February copper contract dropped 1 percent to 45,590 yuan a tonne, its lowest in three sessions.

* Three-month copper on the London Metal Exchange slipped 0.4 percent to $6,380 a tonne, its weakest in four sessions. It lost 0.7 percent the day before.

* China's top leadership will meet on Tuesday for an annual gathering to map out economic and reform plans for the following year, and some influential advisers to the government are recommending it cuts its 2015 growth target to 7 percent.

* The Federal Reserve's vow to keep interest rates near zero for a "considerable time" is likely to remain in place for now, with the U.S. central bank set to take a slow and steady approach to its first rate rise in a decade.

* U.S. aluminum imports in October were at their highest for the month since 2008 as bigger inflows from Canada offset a slowdown in material from Russia, according to International Trade Commission data released on Monday.

 

 

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