Aluminium rebounds after hitting 7-month low on Wednesday

Aluminium rebounded from lows on Thursday as some investors bought back short positions to lock in profits, but more losses were expected for copper and zinc ahead of the new year holiday in top metals consumer China. Copper, burdened by worries about oversupply, failed to sustain a bounce from 4-1/2 year lows the previous day, ending in the red again.

Leading the pack on the London Metal Exchange was three-month aluminium, which jumped 2.3 percent to close at $1,832 a tonne, rebounding after hitting its weakest in seven months on Wednesday. "The price slide (in aluminium) is beginning to appear excessive, meaning that we may well see a noticeable counter movement in the near future," Commerzbank said in a note. At its lows on Wednesday, aluminium had shed 15 percent since late November as investors worried about smelters restarting capacity they had shut down.

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