LME base metals fell across the board, with oversupply concerns pushing LME aluminum prices to a three-month low
Release time:
2024-10-24
According to foreign news on July 16, on Tuesday, base metals on the London Metal Exchange (LME) fell across the board. Affected by concerns about oversupply, three-month aluminum fell to a low of more than three months.
According to foreign news on July 16, on Tuesday, base metals on the London Metal Exchange (LME) fell across the board. Affected by concerns about oversupply, three-month aluminum fell to a low of more than three months.
As of 19:11 Beijing time, LME three-month aluminum fell 0.98% to $2,437.50/ton. It had earlier fallen to $2,435, the lowest since April 11.
Compared with the nearly two-year high set on May 30, aluminum prices have fallen nearly 13%.
According to data released by the National Bureau of Statistics of China on Monday, China's primary aluminum (electrolytic aluminum) production in June was 3.67 million tons, a year-on-year increase of 6.2%. From January to June, primary aluminum production was 21.55 million tons, a year-on-year increase of 6.9%. In June, Yunnan's production capacity to be restored has basically been put into production. In addition, Inner Mongolia's new production capacity has led to a year-on-year increase in alumina production in June, and China's primary aluminum production in June rose to the highest level in nearly 10 years.
"In theory, there is a limit to production capacity, but there is no sign that this is having an impact right now," said Dan Smith, head of research at Amalgamated Metal Trading. LME three-month copper fell 0.68% to $9,739 a tonne. Data showed that copper inventories in LME registered warehouses, COMEX warehouses and Chinese bonded warehouses have all increased so far in July, indicating weak demand. For other base metals, LME three-month zinc fell 1.34% to $2,915.50 a tonne; three-month tin fell 0.77% to $32,990 a tonne; three-month nickel fell 0.19% to $16,670 a tonne; and three-month lead fell 0.27% to $2,182 a tonne.
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