Aluminum Nears a 7-Month Low

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Source: Novelis

London Metal Exchange aluminum is languishing near its weakest point in 7 months on fears oil’s slump signals a slowdown in economic growth and weaker commodities demand.

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The day’s biggest mover was the aluminum 3-month price which dropped by 0.9% on Thursday, January 8 to close at $1,791 per metric ton on the LME. The primary aluminum cash price weakened by 0.6% on the LME, settling at $1,762 per metric ton. The Indian aluminum cash price saw a 0.2% decline to INR 113.25 ($1.79) per kilogram.

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Chinese aluminum prices were mixed for the day. Chinese aluminum scrap closed 0.8% lower at CNY 12,200 ($1,964) per metric ton. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row, remaining around CNY 13,200 ($2,125) per metric ton. The price of Chinese aluminum bar flattened at CNY 12,770 ($2,055) following two-days of declines. The Chinese aluminum cash price flattened at CNY 12,760 ($2,054) per metric ton after two days of downward movement.

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