08 JANUARY 2015Business Recorder
Shanghai aluminium tumbles
Edited by : AL CIRCLE
1 min read
The most traded March aluminium contract on the Shanghai Futures Exchange hit a contract low for the fourth session running, due to a glut of capacity in the world's top producer of the metal. The ShFE contract launched in 2005. China aluminium producers have been stepping up exports of semi manufactured products to global markets, weighing on LME prices that slipped to a new 7-month low at $1,781.25.
Prices have also been hurt by worries over Chinese growth and as the possibility that Greece will quit the eurozone dents appetite for risk. "It's easy to blame oil, but I think clearly Greece was (also) one of the key issues, and the numbers towards the end of the year from China were on the weak side," said analyst Dominic Schnider of UBS Wealth Management in Hong Kong.
Prices have also been hurt by worries over Chinese growth and as the possibility that Greece will quit the eurozone dents appetite for risk. "It's easy to blame oil, but I think clearly Greece was (also) one of the key issues, and the numbers towards the end of the year from China were on the weak side," said analyst Dominic Schnider of UBS Wealth Management in Hong Kong.
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