Aluminium falls as Chinese product exports strong

LONDON, Nov 10 (Reuters):  Aluminium prices fell on Monday after data showed heavy exports of aluminium products from China, while nickel declined after inventories rose to a fresh record high.
Three month aluminium on the London Metal Exchange fell for a second session, losing 0.4 per cent to $2,046.50 a tonne by 1118 GMT.
Volume was the heaviest of any of the LME complex at 8,672 lots, nearly twice the activity of second place zinc at 4,408 or copper at 3,618.
Trade data over the weekend showed a strong pace of Chinese unwrought aluminium and products exports in October, up 12.5 per cent for the year to date.
"This is one of the bear arguments for aluminium. Yes, there's a deficit in the world outside China, but this will be met by rising (Chinese) product exports," said Robin Bhar, head of metals research at Societe Generale in London.
October exports of 380,000 tonnes were down 5 per cent from September but up 19 per cent year-on-year and will increase in coming months as Chinese smelter capacity expands, said Ivan Szpakowski, an analyst at Citi in Shanghai.