24 MARCH 2016www.bloomberg.com
Aluminium rebounds as China premier offers reassurance on economy
Edited by : AL CIRCLE
1 min read
Aluminium rebounded from the lowest level in two months as China’s Premier Li Keqiang said that the world’s second-largest economy saw positive signs of change this year, bolstering the outlook for demand.
The lightweight metal rose as much as 0.4 per cent to $1,486 a metric ton on the London Metal Exchange and traded at $1,485.50 at 11:41 a.m. in Shanghai after closing at $1,479.50 on Wednesday, the lowest since January 25.
Aluminium had dropped for the past few days as a strengthening dollar hurt demand. Speaking in a keynote speech at the Boao forum in Hainan, southern China, Li said China was confident of maintaining more than 6.5 per cent growth rate over the next five years. The job market was steady in the first two months and the quality of economic growth is improving, he said.
“Positive comments from Li are boosting market confidence, especially during the peak season for base metals,” said Jia Zheng, chief metals analyst with East Asia Futures Co.
The lightweight metal rose as much as 0.4 per cent to $1,486 a metric ton on the London Metal Exchange and traded at $1,485.50 at 11:41 a.m. in Shanghai after closing at $1,479.50 on Wednesday, the lowest since January 25.
Aluminium had dropped for the past few days as a strengthening dollar hurt demand. Speaking in a keynote speech at the Boao forum in Hainan, southern China, Li said China was confident of maintaining more than 6.5 per cent growth rate over the next five years. The job market was steady in the first two months and the quality of economic growth is improving, he said.
“Positive comments from Li are boosting market confidence, especially during the peak season for base metals,” said Jia Zheng, chief metals analyst with East Asia Futures Co.
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