Aluminium at 3-week low as stocks rise
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Aluminium prices tumbled to three-week lows on Friday as stocks jumped and traders priced in growing expectations of an oversupplied market this year. Copper for three-month delivery on the London Metal Exchange also fell, touching a low of $8,075 a tonne on a 13 per cent jump in Shanghai stocks in the week ending on Thursday and concerns about weak demand. Aluminium hit $3,055 a tonne, the lowest since June 25, and was down at $3,080 at 0945 GMT compared with $3,127.
Copper declines
Copper traded at $8,100 a tonne, down from $8,160 on Thursday. The metal used in construction and power has fallen nearly 10 per cent since hitting a record high of $8,940 a tonne on July 2. Losses have mostly been due to analysts downgrading their expectations of demand growth in China, the world's top consumer, accounting for about 25 per cent of global consumption.
Analysts estimate copper demand growth in China is at around 5 per cent compared with expectations of 10 per cent. Zinc, used for galvanising steel, was at $1,840 a tonne from Thursday's last quote at $1,839/1,840. That compares with a 2-1/2-year low of $1,750 seen earlier this month. Stainless steel material nickel was trading at $20,670 a tonne from $20,775, lead at $1,979 from $1,965 and tin at $23,500 from $20,775.
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Source : Business Line |
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