Shanghai aluminium limit down after US auto plan fails

Shanghai aluminium futures fell by their four percent daily limit on Friday alongside copper after a proposal to rescue U.S. automakers fell apart. Benchmark Shanghai Futures Exchange aluminium SAFc3 hit its downside limit at 10,320 yuan soon after dealing resumed after the midday break, following a 4 percent slide in Shanghai copper and a sharp sell-off in London metals in the wake of the failure by U.S. lawmakers to find a lifeline for the big three Detroit automakers.

Senate Majority Leader Harry Reid said the chamber would attempt to proceed with a Democratic-sponsored plan, but it was unlikely to pass.

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