LONDON, July 16 (Reuters): Aluminium prices dropped to the lowest in over three months on Tuesday on worries about oversupply, while copper also slumped in the wake of weak economic data from top metals consumer China.
Three-month aluminium on the London Metal Exchange (LME) fell 0.7 per cent to $2,443.50 per metric ton by 0945 GMT, the lowest since April 11.
LME aluminium has shed 13 per cent since hitting a near two-year peak on May 30.
The world's biggest aluminium producer China churned out the highest output in nearly a decade in June, helped by the resumption of production in the Yunnan province thanks to heavy rains that boosted hydropower supply.
LME copper dropped 0.6 per cent to $9,748 a ton, still under pressure along with other metals from weak Chinese economic data released on Monday, Smith said.
"The main headwind is China. And we also have algo models that are starting to roll over to sell signals," Smith added, referring to algorithmic computer models that place buy and sell orders largely on momentum signals.
The most-traded August copper contract on the Shanghai Futures Exchange (SHFE) closed 0.5 per cent lower at 79,280 yuan ($10,911.09) a ton.
LME zinc shed 1.1 per cent to $2,921.50 a ton, lead dipped 0.1 per cent to $2,186.50, tin fell 0.6 per cent to $33,060, while nickel rose 0.2 per cent to $16,730.
Aluminium hits 3-month low, copper slips
FE Team | Published: July 16, 2024 22:06:21
Aluminium hits 3-month low, copper slips
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