Commodity News
HeadLine : Shanghai aluminium slips to 2-week low as China stocks climb
Date : Jan 3 2020
Shanghai aluminium prices fell in early trade on Friday, having hit a more than two-week low under 14,000 yuan ($2,009.96) a tonne overnight on signs that stocks in top consumer China were rising again after a protracted drop over 2019. Chinese aluminium inventories climbed by 18,000 tonnes, or 3%, to 610,000 tonnes between Dec. 26 and Jan. 2, according to industry data provider SMM. The Shanghai Futures Exchange (ShFE) is due to report its own stocks data later on Friday. The most-traded February aluminium contract on the ShFE fell as much as 1.1% in night-time trading to 13,960 yuan a tonne, its lowest since Dec. 17, and stood at 14,000 yuan. Three-month aluminium on the London Metal Exchange was down 0.3% at $1,800 a tonne. Chinese supply, meanwhile, continues to rise, with Henan Shenhuo Group putting its new smelter in Yunnan into production on Dec. 31.

Source: Reuters
News Archives: