Aluminium slips, other base metals up

Aluminium slipped while some other base metals eked out modest gains on Thursday after diverging signals about global growth from China and the United States. Zinc sunk to a near six-month low before rebounding and closing firmer while aluminium touched an eight-week low.
The Chinese economy faces downward pressure next year, state media cited the government as saying after its Central Economic Work Conference. "I think the macro outlook is dire in a general sense, so that's why I think we're drifting lower," said trader Tom Laverman at ING Bank in Amsterdam.
Authorities also said China's monetary policy would not be too tight or too loose, giving little direction to investors hoping for another interest rate cut. "It's still very vague what they will do. There is so much news out that points to difficult times ahead, the question is how much is priced in," Laverman added. Three-month aluminium hit a session low of $1,945 a tonne, its weakest since October 17, before closing at $1,946.50, down 0.7 percent.
Global aluminium premiums are expected to reach fresh record highs by mid-2015 on a supply deficit in the United States and Europe, a Reuters survey showed. Zinc touched a low of $2,153,50 a tonne, its weakest since June 19, before recovering to close up 0.7 percent at $2,195. Copper also ended in the positive column as a strike continued at Antamina, Peru's biggest copper and zinc mine.
Copper failed to trade in closing open outcry activity and was last bid up 0.8 percent to $6,460 a tonne after a 1 percent drop in the previous session. Some metals got a boost after data showed US consumer spending rose strongly in November. "After a gentle and rather quiet start, the day has given way to buying interest heading into US trade, helped by decent US retail sales figures and a bit of short covering activity," said Standard Bank analyst Leon Westgate in a note.
LME tin also gained, ending up 1 percent at $20,400 a tonne after concern about lower supply. Refined tin shipments from top exporter Indonesia fell to their lowest level in at least eight years at 465 tonnes in November, down 93 percent from the previous month. Nickel slipped 0.3 percent to close at $16,275 a tonne and lead dropped 1.4 percent to end at $1,985.