Aluminium and others down after growth warning from China
Reuters reported that aluminium touched an eight week low and most other base metals also fell on concerns about global growth after Chinese officials warned that the economy of the top metals consumer was vulnerable to more weakness.
The Chinese economy faces relatively big downward pressure next year, state media cited the government as saying after its Central Economic Work Conference.
Mr Tom Laverman trader at ING Bank in Amsterdam said that "I think the macro outlook is dire in a general sense, so that's why I think we're drifting lower. It's still very vague what they will do. There is so much news out that points to difficult times ahead, the question is how much is priced in.
The authorities also said that China's monetary policy would not be too tight or too loose, giving little direction to investors hoping for another interest rate cut.
Three month aluminium hit a session low of USD 1,945 a tonne, the weakest since October 17, before paring losses to USD 1,957 in official trading, down 0.2%.
A Reuters survey showed that Global aluminium premiums are expected to reach fresh record highs by mid 2015 on a supply deficit in the United States and Europe.
Source - Reuters