AIRLINK 62.05 Decreased By ▼ -0.43 (-0.69%)
BOP 5.33 Decreased By ▼ -0.03 (-0.56%)
CNERGY 4.48 Decreased By ▼ -0.10 (-2.18%)
DFML 15.47 Decreased By ▼ -0.03 (-0.19%)
DGKC 65.34 Decreased By ▼ -1.06 (-1.6%)
FCCL 17.55 Decreased By ▼ -0.04 (-0.23%)
FFBL 27.51 Decreased By ▼ -0.19 (-0.69%)
FFL 9.31 Increased By ▲ 0.04 (0.43%)
GGL 9.98 Decreased By ▼ -0.08 (-0.8%)
HBL 104.80 Decreased By ▼ -0.90 (-0.85%)
HUBC 121.16 Decreased By ▼ -1.14 (-0.93%)
HUMNL 6.55 Decreased By ▼ -0.05 (-0.76%)
KEL 4.46 Decreased By ▼ -0.04 (-0.89%)
KOSM 4.50 Increased By ▲ 0.02 (0.45%)
MLCF 35.75 Decreased By ▼ -0.45 (-1.24%)
OGDC 122.30 Decreased By ▼ -0.62 (-0.5%)
PAEL 22.72 Decreased By ▼ -0.28 (-1.22%)
PIAA 31.54 Increased By ▲ 2.20 (7.5%)
PIBTL 5.78 Decreased By ▼ -0.02 (-0.34%)
PPL 107.00 Decreased By ▼ -0.50 (-0.47%)
PRL 27.20 Decreased By ▼ -0.05 (-0.18%)
PTC 18.15 Increased By ▲ 0.08 (0.44%)
SEARL 52.46 Decreased By ▼ -0.54 (-1.02%)
SNGP 62.80 Decreased By ▼ -0.41 (-0.65%)
SSGC 10.59 Decreased By ▼ -0.21 (-1.94%)
TELE 9.18 Decreased By ▼ -0.02 (-0.22%)
TPLP 11.23 Decreased By ▼ -0.21 (-1.84%)
TRG 69.92 Decreased By ▼ -0.94 (-1.33%)
UNITY 23.69 Increased By ▲ 0.07 (0.3%)
WTL 1.27 Decreased By ▼ -0.01 (-0.78%)
BR100 6,927 Decreased By -16.6 (-0.24%)
BR30 22,664 Decreased By -162.7 (-0.71%)
KSE100 67,003 Decreased By -138.7 (-0.21%)
KSE30 22,036 Decreased By -53.7 (-0.24%)

Shanghai aluminium fell nearly 4% on Wednesday to its lowest in nearly six months as weak property data and rising warehouse inventories in China pressured prices.

The most-traded January aluminium contract on the Shanghai Futures Exchange declined as much as 3.7% to 18,280 yuan ($2,862.60) a tonne, its lowest since May 26.

Stockpiles of the metal, which is used widely in construction, transportation and consumer goods, rose to the highest since June 4 at 307,779 tonnes in ShFE warehouses. Trading inventories of the metal in China hit a six-month high of 1 million tonnes.

Meanwhile, data released earlier this week showed China's property woes worsened on all fronts in October amid deeper contractions in construction starts and investment by developers.

Weighing on investor sentiment towards China's vast real estate sector has been a liquidity crisis that was triggered by debt woes at property giant China Evergrande Group.

Three-month aluminium on the London Metal Exchange, however, rose 0.5% to $2,588 a tonne by 0317 GMT, supported by a decline in LME warehouse inventories to a two-year low of 959,975 tonnes.

LME cash aluminium flipped to a premium, of $5.90 a tonne, over the three-month contract for the first time since Sept. 2, indicating tightening nearby supplies.

Fundamentals

  • LME copper rose 0.3% to $9,598 a tonne, nickel advanced 0.4% to $19,480 a tonne and lead fell 0.6% to $2,294 a tonne.

  • ShFE copper declined 0.8% to 70,240 yuan a tonne, nickel shed 1.2% to 142,560 yuan a tonne and lead lost 1.3% to 15,060 yuan a tonne.

Comments

Comments are closed.