Shanghai aluminium hits 4 year low on oversupply worries

Shanghai aluminium futures fell 1.8 percent on Wednesday to their lowest since August 2004 on concerns of swelling international stockpiles, and worries China will continue its smelter expansion programme.

Shanghai metal SAFZ8 fell 285 yuan, or 1.8 percent, to 15,360 yuan ($2,255), after London Metal Exchange stocks of the lightweight metal jumped by another 3,050 tonnes overnight. LME aluminium MAL3 rose $2 to $2,510.

Inventories have surged more than 20 percent since mid-August to stand at 1.36 million tonnes, enough for 13 days of world consumption.

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