Shanghai aluminium hits 2-month low as coal prices drop
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.
For the top stories in metals and other news, click or
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
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 138,412.25 167.69M | 0.32% 447.43 |
ALLSHR | 85,702.96 423.92M | 0.15% 131.52 |
KSE30 | 42,254.84 82.09M | 0.43% 180.24 |
KMI30 | 194,109.59 84.37M | 0.15% 281.36 |
KMIALLSHR | 56,713.67 217.03M | 0.03% 16.37 |
BKTi | 37,831.34 13.04M | 1.62% 603.62 |
OGTi | 27,440.63 3.93M | -0.09% -23.70 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 119,055.00 | 119,275.00 117,905.00 | 1435.00 1.22% |
BRENT CRUDE | 72.41 | 72.82 72.29 | -0.83 -1.13% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 70.02 | 70.41 69.92 | 0.02 0.03% |
SUGAR #11 WORLD | 16.46 | 16.58 16.37 | -0.13 -0.78% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|