Shanghai aluminium prices fell in early trade on Thursday, heading for their first drop in eight days, on signs of a slowdown in demand ahead of the Lunar New Year holiday next month.
Aluminium on the Shanghai Futures Exchange (ShFE) firmed 2.3% in the seven trading days through Thursday, having hit a more than three-month high on Wednesday, on the back of low inventories.
Stocks in warehouses monitored by the bourse have declined more than 70% so far in the year and were at 193,820 tonnes on December 20.
ALUMINIUM: The most traded February aluminium contract on the ShFE fell as much as 0.7% to 14,135 yuan ($2,020.87) a tonne and was at 14,155 yuan by 0234 GMT.
COPPER: ShFE copper was flat at 49,530 yuan a tonne, after settling 0.5% higher on Wednesday.
COPPER: China's top copper smelters are meeting in the southeastern city of Fuzhou on Thursday to set their floor treatment and refining charges (TC/RCs) for copper concentrate in the first quarter of 2020.
LEAD: Shanghai lead was up 0.5% at 15,205 yuan a tonne after jumping as much as 1.4% to 15,340 yuan, its highest since Nov. 29, in overnight trading amid stockpiling and a smog alert in the province of Henan.
NICKEL: China's monthly nickel ore imports from top miner Indonesia rose to a near six-year high in November although its overall intake fell, as buyers raced to secure as much material as possible ahead of a ban on Indonesian exports starting in January.
SHFE: China's Shanghai Futures Exchange said on Tuesday it would relax trading position limits on its product contracts from next year in order to encourage trading activity and increase market participation.
MAGNETS: China's exports of rare earth magnets to the United States fell 21.2% month-on-month, customs data showed on Wednesday, as improving trade relations between the two countries reduced demand for stockpiling.
LME: The London Metal Exchange remains closed on Thursday for the Boxing Day holiday and will reopen on Friday.
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