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LME ASIAN WRAP: Aluminium price falls from 6-week high as China returns

Monday, Feb 18, 2013
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Aluminium prices on the London Metal Exchange fell from a six-week high in early Asian trading on Monday February 18 as China returned from a week-long holiday to sell the lightweight metal


LME three-month aluminium traded down $7 from open at $2,153.50 per tonne by 03:00 London time. The metal climbed on CTA buying to a high of $2,174 per tonne on Friday February 15, the highest level since January 3.


"Despite the surge in ali on the LME during the holiday, it soon turned green today with the rest of the complex," an analyst at Hicend Futures said from Shanghai. "It’s no wonder given the poor fundamentals."


LME copper also fell, losing $51 from its opening to trade at $8,173.50 per tonne at 03:00 London time.


"Impetus for a noticeable recovery in demand in the base metals industry remains lacking," China’s ministry of industry and information technology (MIIT) said in an outlook report issued on Saturday February 16.


MIIT expected metal prices to keep range-bound trading in 2013 with periodic recovery opportunities depending on global monetary easing and China’s investment policies, it said.


Shanghai Futures Exchange copper traded down in the Asian morning session, with the May contract falling 670 yuan from open to 59,060 yuan ($9,386) at 11:00 Beijing time.


Other LME metals all traded down in early Asian trading.


LME zinc traded down $12 from open at $2,160 per tonne, while lead was down $13.5 at $2,424 per tonne.


Nickel was down $152 at $18,160 per tonne and tin was $100 lower at $24,800 per tonne.

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