31 DECEMBER 2015AlCircle.com
Slowing demand from China weighs LME aluminium down 0.3 percent
Edited by : AL CIRCLE
1 min read
London aluminium edged lower on Wednesday, December 30th, giving up some of their gains from the previous session as concerns over slowing demand in top consumer China and weakness in crude oil weighed on prices. LME aluminium slid 0.3 percent to $1,530 a tonne.
"LME aluminium price is under pressure, the slow demand growth in China is a major concern," said Jackie Wang, a consultant at CRU in Beijing. "The Chinese aluminium market was down at the beginning of this week, which is getting reflected in LME prices."
A weakness in crude oil prices also demonstrated concerns over economic growth and ample commodity supplies. Crude oil futures fell more than 1 percent as the market remained under pressure from slowing demand and high supplies, while forecasts that a cold snap in Europe and the United States would be short-lived also hurt prices.
Asian shares glided higher in early trading on Wednesday, taking their cues from overseas gains, although investors are cautiously watching to see whether renewed selling in crude oil futures will dent sentiment.
"LME aluminium price is under pressure, the slow demand growth in China is a major concern," said Jackie Wang, a consultant at CRU in Beijing. "The Chinese aluminium market was down at the beginning of this week, which is getting reflected in LME prices."
A weakness in crude oil prices also demonstrated concerns over economic growth and ample commodity supplies. Crude oil futures fell more than 1 percent as the market remained under pressure from slowing demand and high supplies, while forecasts that a cold snap in Europe and the United States would be short-lived also hurt prices.
Asian shares glided higher in early trading on Wednesday, taking their cues from overseas gains, although investors are cautiously watching to see whether renewed selling in crude oil futures will dent sentiment.
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