Aluminium had a busy day yesterday; it was the most traded contract with more than 21,000 lots changing hands by the 5pm LME close, compared with around 12,000 lots in copper.
“There are rumours that China will continue to cut aluminium smelting capacity. This raised concerns that Chinese aluminium production could slow down,” China’s Mailyard Futures said on Friday morning.
The three-month aluminium is currently trading $2 lower while copper is down $3, with prices begin to stagnate following increases on strike news earlier this week.
Nickel is the only base metal to record a significant gain, trading over $100 higher.
Aluminium supply cuts
The three-month aluminium price is currently trading at $1,921 per tonne –...