24 APRIL 2015www.mineweb.com
Aluminium falls in China with other major metals as manufacturing shrinks
Edited by : AL CIRCLE
1 min read
Aluminum fell the most in almost a month as most industrial metals retreated after a gauge of manufacturing strength slid to a 12-month low in China, the world’s biggest consumer.
Aluminum lost as much as 1.2 percent, the biggest drop since March 27. HSBC Holdings Plc and Markit Economics’ preliminary Purchasing Managers’ Index for Chinese manufacturing was at 49.2 for April, below the median estimate in a Bloomberg survey and the second month of contraction. Factory data for the euro region are due later in the day.
“The fundamental economy is not improving” in China, said Helen Lau, a metals and mining analyst at Argonaut Securities Ltd. in Hong Kong. “It is a little worrying. We’re close to the bottom. Before that happens, the government should continue with stimulus until there is a rebound.”
Aluminum for delivery in three months on the London Metal Exchange fell 0.7 percent to $1,794 a metric ton at 3 p.m. in Hong Kong. The contract settled at $1,806 a ton on Wednesday, the lowest since April 14.
Aluminum lost as much as 1.2 percent, the biggest drop since March 27. HSBC Holdings Plc and Markit Economics’ preliminary Purchasing Managers’ Index for Chinese manufacturing was at 49.2 for April, below the median estimate in a Bloomberg survey and the second month of contraction. Factory data for the euro region are due later in the day.
“The fundamental economy is not improving” in China, said Helen Lau, a metals and mining analyst at Argonaut Securities Ltd. in Hong Kong. “It is a little worrying. We’re close to the bottom. Before that happens, the government should continue with stimulus until there is a rebound.”
Aluminum for delivery in three months on the London Metal Exchange fell 0.7 percent to $1,794 a metric ton at 3 p.m. in Hong Kong. The contract settled at $1,806 a ton on Wednesday, the lowest since April 14.
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