Aluminium at 16-week high, driven by China's stimulus measures
Updates with official prices
By Polina Devitt
LONDON, Sept 27 (Reuters) -Aluminium prices in London touched a 16-week high on Friday due to fund buying triggered by the latest economic stimulus measures in top metals consumer China.
Three-month aluminium on the London Metal Exchange CMAL3 was 0.4% higher at $2,623 per metric ton in official open-outcry trading after hitting $2,659, the highest since June 6.
Prices of the metal, used in the construction, transportation and packaging sectors, are on track for 5% weekly growth.
Other growth-dependent metals also rallied this week as China rolled out its most aggressive stimulus package since the pandemic ahead of the Golden Week holiday on Oct. 1-7.
Buying by funds, known as commodity trading advisors (CTAs), which are largely driven by computer programs, still continues in aluminium, while the support of this factor in most other metals weakened, said a trader.
The global aluminium market will see a deficit next year, analysts at BofA said this week, adding that prices would trade at $3,000 per ton in 2025.
There are also "pockets of tightness on the physical market, with nearby time spreads closely tilting into backwardation partially because more than half of LME inventories are earmarked for removal", BofA added.
LME copper CMCU3 was down 0.9% at $9,990 in official activity after hitting $10,095, its highest since June 7.
While China's industrial profits swung back to a sharp contraction in August, some analysts believe that the fresh stimulus is not enough to significantly impact demand for industrial metals.
"For the property market to recover, we need to see prices at least stabilising and we need to see excess housing inventories come down toward historical norms. Until then, the drag on growth will continue," said Ewa Manthey, a commodities analyst at ING.
LME nickel CMNI3 rose 0.9% to $16,895, while zinc CMZN3 fell 0.5% to $3,085, lead CMPB3 eased 0.7% to $2,123 and tin CMSN3 lost 0.3% to $32,350.
Reporting by Polina Devitt in London; additional reporting by Mai Nguyen in Hanoi; Editing by Sumana Nandy, Kirsten Donovan
For related news and prices, click on the codes in brackets: LME price overview RING= COMEX copper futures 0#HG: All metals news MTL All commodities news C
Foreign exchange rates FX=SPEED GUIDES LME/INDEX
Pinakabagong Balita
Disclaimer: Ang mga kabilang sa XM Group ay nagbibigay lang ng serbisyo sa pagpapatupad at pag-access sa aming Online Trading Facility, kung saan pinapahintulutan nito ang pagtingin at/o paggamit sa nilalaman na makikita sa website o sa pamamagitan nito, at walang layuning palitan o palawigin ito, at hindi din ito papalitan o papalawigin. Ang naturang pag-access at paggamit ay palaging alinsunod sa: (i) Mga Tuntunin at Kundisyon; (ii) Mga Babala sa Risk; at (iii) Kabuuang Disclaimer. Kaya naman ang naturang nilalaman ay ituturing na pangkalahatang impormasyon lamang. Mangyaring isaalang-alang na ang mga nilalaman ng aming Online Trading Facility ay hindi paglikom, o alok, para magsagawa ng anumang transaksyon sa mga pinansyal na market. Ang pag-trade sa alinmang pinansyal na market ay nagtataglay ng mataas na lebel ng risk sa iyong kapital.
Lahat ng materyales na nakalathala sa aming Online Trading Facility ay nakalaan para sa layuning edukasyonal/pang-impormasyon lamang at hindi naglalaman – at hindi dapat ituring bilang naglalaman – ng payo at rekomendasyon na pangpinansyal, tungkol sa buwis sa pag-i-invest, o pang-trade, o tala ng aming presyo sa pag-trade, o alok para sa, o paglikom ng, transaksyon sa alinmang pinansyal na instrument o hindi ginustong pinansyal na promosyon.
Sa anumang nilalaman na galing sa ikatlong partido, pati na ang mga nilalaman na inihanda ng XM, ang mga naturang opinyon, balita, pananaliksik, pag-analisa, presyo, ibang impormasyon o link sa ibang mga site na makikita sa website na ito ay ibibigay tulad ng nandoon, bilang pangkalahatang komentaryo sa market at hindi ito nagtataglay ng payo sa pag-i-invest. Kung ang alinmang nilalaman nito ay itinuring bilang pananaliksik sa pag-i-invest, kailangan mong isaalang-alang at tanggapin na hindi ito inilaan at inihanda alinsunod sa mga legal na pangangailangan na idinisenyo para maisulong ang pagsasarili ng pananaliksik sa pag-i-invest, at dahil dito ituturing ito na komunikasyon sa marketing sa ilalim ng mga kaugnay na batas at regulasyon. Mangyaring siguruhin na nabasa at naintindihan mo ang aming Notipikasyon sa Hindi Independyenteng Pananaliksik sa Pag-i-invest at Babala sa Risk na may kinalaman sa impormasyong nakalagay sa itaas, na maa-access dito.
