Aluminum at 2-Week Low
Aluminum prices fell to two-week lows on Monday due to worries about Chinese producers ramping up output and adding to the surplus being created by semi-finished products being remelted, Reuters reported.
Benchmark aluminum on the London Metal was down 1.4% at $1,652 a ton from an earlier $1,647, its lowest since Sept 28. China accounts for more than half of global aluminum production estimated this year at around 58 million tons. It makes more than it needs and exports the surplus. “Production of primary aluminum is coming back in China,” said Carsten Menke, analyst at Julius Baer.
source: Financial Tribune
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