BEIJING: Aluminium prices in London pulled back on Wednesday, snapping a seven-day rally, after traders locked in some profits and also assessed higher supply and weak demand from top consumer China.
Three-month aluminium on the London Metal Exchange was down 1.3% at $2,469 per metric ton, as of 0136 GMT, having hit a five-week peak in the previous session.
The most-traded September aluminium contract on the Shanghai Futures Exchange edged 0.1% lower to 19,655 yuan ($2,755.89) a ton, taking a pause from a four-day winning streak.
Easing concerns of a US economic slowdown and supply tightness of alumina, the key ingredient to make aluminium, also supported prices earlier this week.
However, the market was plagued by subdued demand in China and ample supply due to strong domestic production and more inflows from Russia.
Investors are also bracing for comments from Federal Reserve Chair Jerome Powell due on Friday that could provide clues about the speed of the US monetary easing cycle.
Aluminium hits 5-week high on fund buying, alumina shortage
LME copper shed 0.5% to $9,154 a ton, tin lost 0.6% to $32,100, zinc decreased 0.6% to $2,789, lead climbed 0.4% to $2,062.50 and nickel lost 1.2% to $16,835.
SHFE copper was down nearly 1% at 73,250 yuan, zinc nudged 0.1% lower to 23,260 yuan, lead moved 0.3% lower to 17,500 yuan, tin dropped 0.8% to 262,180 yuan and nickel added 0.1% to 130,080 yuan.
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