Shanghai aluminium limit down on glum economic outlook

Shanghai aluminium futures dropped by their 5 percent daily limit on Thursday, as metals markets faltered and investors refocused on the bleak outlook for the world's economy after a short New Year rally.

Benchmark third month Shanghai aluminium fell by 620 yuan to 11,735 yuan a tonne from Wednesday's settlement. London Metal Exchange futures dropped 1.4 percent to $1,571.

Producers have cut output of the lightweight metal by as much as 5 million tonnes on an annual basis according to analysts, but inventories continue to rise, touching 2.37 million overnight, their highest in over 14 years.

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