Shanghai aluminium hits 2-month low as coal prices drop
By MG News | October 27, 2021 at 09:34 AM GMT+05:00
October 27, 2021: Aluminium prices fell on Wednesday, with the Shanghai contract hitting a two-month low, as the drop in coal prices eased traders’ concerns over supply shortage of the metal.
Aluminum smelting is an energy-intensive process and has been considered as one of the worst-hit sectors by China’s power crisis, pushing up prices of the metal as coal hiked.
But thermal coal hit its 10% lower trading limit on Wednesday after the Chinese state planner said it had asked major coal-producing provinces to probe and regulate illegal storage sites and to crack down on hoarding behavior.
The most-traded December aluminium contract on the Shanghai Futures Exchange fell as much as 3.3% to 20,420 yuan ($130,362.61) a tonne, the lowest since Aug. 26 and on track for a sixth straight session of decline.
Three-month aluminium on the London Metal Exchange shed as much as 1.7% to a seven-week low of $2,780 a tonne.
FUNDAMENTALS
LME copper fell 0.3% to $9,758 a tonne, zinc declined 0.7% to $3,401.50 a tonne, tin dropped 0.5% to $37,245 a tonne, while nickel rose 0.6% to $20,205 a tonne.
LME cash nickel was last at a $125-a-tonne premium over the three-month contract CMNI0-3, indicating tightness in nearby supply as readily available stocks in LME warehouses fell.
One party controls more than 90% of available LME zinc stocks and short-term futures, LME data showed.
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MARKETS NEWS
Tech shares slipped and short-term Treasury yields jumped as investors expect inflation to prompt interest rate hikes, with a hotter-than-forecast reading in Australia the latest sign of prices pressuring central bankers to act.
Reuters
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BRENT CRUDE | 70.18 | 70.71 69.61 |
0.03 0.04% |
RICHARDS BAY COAL MONTHLY | 97.50 | 0.00 0.00 |
1.45 1.51% |
ROTTERDAM COAL MONTHLY | 108.00 | 109.00 107.95 |
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USD RBD PALM OLEIN | 998.50 | 998.50 998.50 |
0.00 0.00% |
CRUDE OIL - WTI | 68.27 | 68.31 68.20 |
-0.11 -0.16% |
SUGAR #11 WORLD | 16.54 | 16.61 16.08 |
0.41 2.54% |
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