(Recasts, updates prices, adds quotes)
HANOI, Dec 29 (Reuters) - Shanghai aluminium prices fell to a near six-week low on Tuesday, as traders took cues from a broader sell-off in Chinese markets ahead of the year-end.
The most-traded February aluminium contract on the Shanghai Futures Exchange dropped as much as 2.9% to 15,295 yuan ($2,342.41) a tonne, its lowest since Nov. 18.
Three-month aluminium on the London Metal Exchange declined 2% to $1,990 a tonne by 0623 GMT.
“Most Chinese markets are down. Aluminium is probably the worst (of base metals). It has been trading in the $2,000-$2,100 range but is finally giving away,” said a Singapore-based commodity banker.
The decline follows a broader sell-off in Chinese equities as investors booked profits before the year-end after a stellar economic recovery hopes-led rally.
ShFE aluminium has gained 21.9% so far this year, the best performer in the base metals complex on the exchange, followed by zinc at 19.5%.
ShFE zinc dropped to a three-week low of 21,020 yuan a tonne, down 3.1 %, while LME zinc declined 1.9% to $2,788.50 a tonne.
However, losses across the board were limited as the U.S. House of Representatives approved a plan for $2,000 COVID-19 relief checks, up from a previous $600.
FUNDAMENTALS
* LME copper rose 0.8% to $7,849 a tonne and nickel rose 1.1% to $17,180 a tonne. ShFE nickel fell 0.3% to 127,330 yuan a tonne and lead declined 0.7% to 14,745 yuan a tonne.
* Copper should outperform other base metals next year because of its widespread applications, while aluminium prices should also gain.
* Chinese banks are expected to face headwinds raising funds next year due to bad loans issues.
* For the top stories in metals and other news, click or ($1 = 6.5296 yuan) (Reporting by Mai Nguyen; editing by Uttaresh.V)
"low" - Google News
December 29, 2020 at 02:00PM
https://ift.tt/34NScth
METALS-Shanghai aluminium hits near 6-week low tracking Chinese equity sell-off - Reuters India
"low" - Google News
https://ift.tt/2z1WHDx
Bagikan Berita Ini
0 Response to "METALS-Shanghai aluminium hits near 6-week low tracking Chinese equity sell-off - Reuters India"
Post a Comment