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Wednesday, December 1, 2021

Shanghai aluminium hits three-month low as coal prices tumble

Aluminium prices in Shanghai fell to their lowest in more than three months on Thursday, as tumbling coal prices eased worries about rising production costs for the energy-intensive metal.

The most-traded December copper contract on the Shanghai Futures Exchange dropped as much as 7.6% to 19,200 yuan ($2,999.95) a tonne, the lowest since July 22.

The contract has lost 23% since the beginning of last week.

Three-month copper on the London Metal Exchange declined as much as 2.1% to a two-month low of $2,630 a tonne, having shed 19% since Oct. 18 when the contract hit its highest since July 2008.

Chinese thermal coal prices surged to a record 1,892 yuan on Oct. 19 on supply shortage, but have since lost some 50% on a series of measures implemented by the country’s authorities to curb rocketing energy costs.

Fundamentals

ShFE tin hit its limit down, tumbling 8% to 258,370 yuan a tonne, its lowest since Sept. 22. LME tin fell to a level unseen since Oct. 5 at $34,280 a tonne.

ShFE nickel dropped as much as 4.9% to its lowest since Oct. 14 of 143,500 yuan a tonne and LME nickel lost as much as 0.6% to trade near a two-week low of $19,300 a tonne.

Shanghai aluminium hits three-month low as coal prices tumble

Source: Brecorder

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