29 DECEMBER 2015<a href= "http://af.reuters.com/article/metalsNews/idAFL3N14H1A120151228" target='_blank'> Reuters </a>
Shanghai aluminium falls 2%; market awaits output cuts
Edited by : AL CIRCLE
1 min read
Shanghai aluminium slid more than two percent on Monday, with the market suffering possibly its biggest one-day decline in more than six weeks as a lack of further production cuts in China pressured prices.
The most active aluminium contract on Shanghai Futures Exchange fell 2.3 percent to 10,650 yuan a tonne by 0410 GMT. Unless the contract recovers in the afternoon, aluminium will like mark its biggest daily fall since November 11.
The London Metal Exchange will reopen on Tuesday after the Christmas break.
"Total aluminium curtailment is still around four million tonnes per year for 2015 in China," said Jackie Wang a consultant CRU in Beijing, adding that no further cuts in output have been announced recently.
That has put pressure on prices, because the market had been expecting further production cuts by base metal producers.
The most active aluminium contract on Shanghai Futures Exchange fell 2.3 percent to 10,650 yuan a tonne by 0410 GMT. Unless the contract recovers in the afternoon, aluminium will like mark its biggest daily fall since November 11.
The London Metal Exchange will reopen on Tuesday after the Christmas break.
"Total aluminium curtailment is still around four million tonnes per year for 2015 in China," said Jackie Wang a consultant CRU in Beijing, adding that no further cuts in output have been announced recently.
That has put pressure on prices, because the market had been expecting further production cuts by base metal producers.
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