Press Metal shares dipped due to weak aluminium prices

Press Metal shares fell on Tuesday to a low of RM2.91 as weaker demand pulled down aluminium prices.

The share fell to RM2.95, down by 11 sen at 11.43 am while the turnover prices for 656,300 shares ranged between RM2.91 to RM3.04.

FBM KLCI fell by 0.33% or 5.73 points to 1,735.11 while turnover was 623.99 million shares valued at RM604.79mil. It was seen that 231 counters were unchanged and the losers beat gainers 521 to 140.

According to Reuters’ report, the Shanghai aluminium is on a downward slide reaching the lowest level since May on Tuesday. This is primarily caused by the waning demand in China, growing overcapacity and fewer buying towards year-end.

The most traded February aluminium contract on the Shanghai Futures Exchange had fallen as far as 13,300 yuan (US$2,151) a tonne by 0219 GMT, down 0.8% to its lowest level since May 16.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.