Aluminium extended its retreat from a two-month high as concerns over the strength of China’s demand recovery lingered, with supplies remaining sufficient. Other industrial metals also declined.
Since Tuesday’s close, aluminium has retreated almost 4%, paring a strong monthly gain. The discount of its spot price to the three-month contract on the London Metal Exchange (LME) widened to US$29 a ton, a sign that immediate global supplies are ample.
“Aluminium supply remains elevated, while downstream demand recovery in China is limited,” Guangzhou Futures Co said in a note, predicting the metal will edge lower.
Metal prices were also impacted on Thursday by weakening risk appetite in broader financial market, with stocks slipping on underwhelming earnings from tech companies.
Aluminium fell 1.5% to US$2,458 a ton on the LME as of 10.07am on Thursday in Shanghai, trimming this month’s gain to 7.3% - still the highest among industrial metals. Tin also declined 1.5%, while copper was down 0.4%.
- Bloomberg
Created by Tan KW | Sep 14, 2024
Created by Tan KW | Sep 14, 2024
Created by Tan KW | Sep 14, 2024
Created by Tan KW | Sep 14, 2024
Created by Tan KW | Sep 14, 2024