29 SEPTEMBER 2015AlCircle.com
Aluminium sinks to one-month lows ahead of China data
Edited by : AL CIRCLE
1 min read
Aluminium slid to one month lows on Monday, September 29 on worries about upcoming data that may show weak industrial activity in top metals consumer China. Data on October 1, Thursday is likely to show that China's giant factory sector shrank for the second month in a row in September.
"The market is looking for direction and probably the most likely source of that is Chinese data," said Caroline Bain, senior commodities economist at Capital Economics in London. "We've had quite a bit of stimulus already and it hasn't yet been reflected in any sort of rebound in activity. We're going to need some improvement in data before we have any rebound in prices," she added.
Aluminium dropped 1.1 percent to $1,549 a tonne in official rings, also hitting the lowest in a month.
"Aluminum remains stuck in a classic bear market with the whole range of commodity assets near or at multi-year lows," observed the analyst.
($1 = 6.3680 Chinese yuan renminbi)
"The market is looking for direction and probably the most likely source of that is Chinese data," said Caroline Bain, senior commodities economist at Capital Economics in London. "We've had quite a bit of stimulus already and it hasn't yet been reflected in any sort of rebound in activity. We're going to need some improvement in data before we have any rebound in prices," she added.
Aluminium dropped 1.1 percent to $1,549 a tonne in official rings, also hitting the lowest in a month.
"Aluminum remains stuck in a classic bear market with the whole range of commodity assets near or at multi-year lows," observed the analyst.
($1 = 6.3680 Chinese yuan renminbi)
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