Aluminum hits one-week high, copper falls

Copper on the Shanghai Metal Exchange (SHFE) SCFcv1 fell 0.5%.

Copper on the Shanghai Metal Exchange (SHFE) SCFcv1 fell 0.5% to 76,730 yuan ($10,772.15) a tonne and copper futures on the London Metal Exchange (LME) fell 0.3% to $9,550, pressured by a stronger dollar, while investors awaited further news on stimulus measures from top consumer China.

The most-traded December aluminium contract on the Shanghai Futures Exchange (SHFE) SAFcv1 rose 0.3% to 20,840 yuan ($2,925.73) a tonne after hitting its highest since Oct. 14 earlier in the session.

Three-month aluminium futures on the London Metal Exchange (LME) CMAL3 fell 0.2% to $2,628 a tonne after rising in the previous session.

The most-traded front-month alumina contract on SHFE SAOX4 traded around 4,895 yuan after hitting a record high of 5,003 yuan on Tuesday.

Alumina supplies have tightened due to a shortage of bauxite caused by disruptions in Guinea, the world’s second-largest bauxite producer after Australia. Bauxite is refined into alumina, the main ingredient in aluminum production.

The dollar hovered at a 2-1/2-month high, making the metal more expensive for holders of other currencies.

China has recently announced a series of stimulus measures to boost the economy but dismal economic data highlights the need for more measures.

The market is awaiting “evidence of a recovery in China’s real economy, despite a series of recent supportive policy announcements and interest rate cuts,” analysts at Standard Chartered said in a note.

LME nickel CMNI3 rose 0.3% to $16,365, zinc CMZN3 fell 0.4% to $3,125, lead CMPB3 rose 0.2% to $2,072.5 and tin CMSN3 rose 0.5% to $31,050.

SHFE nickel SNIcv1 fell 1.1% to 126,620 yuan, zinc SZNcv1 fell 0.1% to 24,905 yuan, lead SPBcv1 was unchanged at 16,720 yuan while tin SSNcv1 fell 0.4% to 253,080 yuan.

Source: https://kinhtedothi.vn/gia-kim-loai-dong-ngay-25-october-nhom-dat-muc-cao-nhat-trong-mot-tuan-dong-giam.html