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| Commodity News |
| HeadLine : |
Shanghai aluminium prices climb after China GDP boost |
| Date : |
Jan 19 2018 |
Shanghai aluminium prices rose today, buoyed by the first acceleration in China's GDP growth in seven years, even as the country's output of the metal posted a surprise jump for December. The most-traded aluminium contract on the Shanghai Futures Exchange (ShFE) was up 1 percent at 14,770 yuan ($2,307.56) a tonne at 0202 GMT, but still on course for a weekly drop of 2.3 percent. In London, three month aluminium edged down 0.2 percent to $2,236 a tonne, after ending up 2.2 percent in the previous session.
China's economy grew faster than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt expansion. China's aluminium production rebounded in December to its highest since June, reversing five months of declines and lifting 2017 output to a record.
Source: Reuters
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