Aluminium falls to a 12-week low of USD 3,121
The benchmark aluminium contract on the London Metal Exchange fell 1.5% to USD 3,121 per metric tonne on Thursday, its lowest level since 7 July. The fall reflects a stronger dollar and weaker investor confidence while China’s markets were closed for a holiday. Macquarie also cut its forecast for the global deficit to 820,000 tonnes, citing a stronger recovery in Middle East production.
By aluminio.ar · Based on reporting by El Economista
What you need to know
- Prices are down 17% from the four-year high reached in June.
- Emirates Global Aluminium restarted a quarter of its Al Taweelah smelter in Abu Dhabi after an attack in March.
- Markets in China, the main consumer, were closed for the National Day holiday until 8 October.
Read the full story on El Economista
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