Aluminium sinks to one-month lows ahead of China data

Aluminium slid to one month lows on Monday, September 29 on worries about upcoming data that may show weak industrial activity in top metals consumer China. Data on October 1, Thursday is likely to show that China's giant factory sector shrank for the second month in a row in September.

"The market is looking for direction and probably the most likely source of that is Chinese data," said Caroline Bain, senior commodities economist at Capital Economics in London. "We've had quite a bit of stimulus already and it hasn't yet been reflected in any sort of rebound in activity. We're going to need some improvement in data before we have any rebound in prices," she added.

Aluminium dropped 1.1 percent to $1,549 a tonne in official rings, also hitting the lowest in a month.

"Aluminum remains stuck in a classic bear market with the whole range of commodity assets near or at multi-year lows," observed the analyst.

($1 = 6.3680 Chinese yuan renminbi)

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.