AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

LONDON: Aluminium fell to its lowest in nearly five months on Tuesday as funds betting on lower prices due to slowing demand sold, but worries about output cuts in Europe because of high power costs are expected to provide some support.

Traders said funds had been selling for some days now, initially to cut their long positions and recently taking bets on lower aluminium prices as data from China showed shrinking manufacturing activity.

Benchmark aluminium on the London Metal Exchange was little changed at $2,757 a tonne at 1612 GMT from an earlier $2,697.5 a tonne, the lowest since Dec. 21.

“The potential for Chinese and global demand to be as weak ... points to the need for caution near term,” said Citi analyst Max Layton.

But aluminium supply risks remain elevated, with about 1.5 to two million tonnes of output at risk of closure across Europe and Russia over the next three to 12 months, Layton said.

This is about 2% of global aluminium supplies estimated at about 70 million tonnes this year.

DEMAND: China’s economy has taken a hit as authorities race to stop the spread of record COVID-19 cases, which have led to a full or partial lockdown in dozens of cities.

China’s loan data and total social financing, a key gauge of industrial metals consumption, due over the next few days will provide clues to demand prospects.

China is the world’s largest producer and consumer of aluminium used widely in the power, construction and packaging industries.

UNITED STATES: Also weighing on industrial metals are rate rises in the United States, which have boosted the dollar. A higher US currency makes dollar-denominated metals more expensive for holders of other currencies, which undermines demand. US consumer price data on Wednesday will be scrutinised for clues to where inflation might be heading, which will yield clues to the Federal Reserve’s policy.

OTHER METALS: Copper was down 0.2% at $9,218 a tonne, zinc fell 1% to $3,577, lead slipped 1.9% to $2,113, tin dropped 5.4% to $35,100 and nickel gained 0.6% to $28,350.

Comments

Comments are closed.

Demand headwinds push aluminium to five-month low

At least 39 dead as passenger coach falls into ravine in Lasbela

‘Plan C conspiracy’ Irked by allegation, PPP says will send legal notice to IK

LPG hits historic high of Rs300/kg: LPGA demands setting up of probe commission

50pc duty imposed on import of ‘Mild Hybrid Vehicles’

Al-Nahyan due tomorrow to discuss trade, investment

Flood-hit areas: Rs8.39bn subsidy to be provided to farmers

Pakistan expresses interest in possibility of currency swap with Russia

FBR readies presentation for IMF

Italy’s Meloni in Libya to conclude $8bn gas deal

Ogra rejects oil price speculations