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Aluminum falls on demand worries
- China Aluminium Network
- Post Time: 2022/12/9
- Click Amount: 761
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【Aluminum Road Network】
According to foreign news on December 7, aluminum prices on the London Metal Exchange (LME) fell on Wednesday, after weak Chinese trade data announced earlier, exacerbated concerns about demand in the world's largest metal consumer.
However, a weaker dollar helped limit losses in aluminum prices and pushed copper prices higher.
At 17:00 on December 7th, London time (01:00 on December 8th, Beijing time), LME three-month aluminum fell by US$23, or 0.9%, to close at US$2.485.50 per ton.
According to data released by the General Administration of Customs of China on Wednesday, in terms of US dollars, exports in November fell by 8.7% year-on-year, and the year-on-year growth rate was 8.4 percentage points lower than that in October. The decline was the largest since February 2020. Imports fell 10.6% year-on-year, the largest drop since May 2020. The data weighed on markets.
LME aluminum has risen about 12 percent since early November, largely driven by hopes of a recovery in Chinese demand.
"From our perspective, we don't expect a sudden turnaround in China's property market anytime soon," said Edward Gardner, commodities economist at Capital Economics.
"We think the rally may be a bit overdone, today's price drop is quite reasonable, and the global manufacturing and services PMIs are in contraction territory in November, especially the new orders sub-index."
The U.S. dollar index fell, sending dollar-denominated commodity pairs Source:
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