China shut down news, pushing Lun aluminum hit two and a half high
According to foreign news on August 8th, LME aluminum hit a two and a half year high of more than $2000 per ton on Tuesday, worried by the decline in the supply of China, the number one producer, and an optimistic forecast for China's demand growth prospects.
Shandong development and Reform Commission in July 24th issued the "Notice of Shandong Province in 2017, coal consumption reduction alternative work programme of action", which referred to "Wei bridge venture group built illegal electrolytic aluminum projects 5, illegal production capacity of 2 million 680 thousand tons; the letter group illegal production capacity of 530 thousand tons. The above violations of electrolytic aluminum projects by Binzhou, Liaocheng Municipal People's government is responsible for shutting down before the end of July, while the corresponding scale of coal fired power plant outage respectively (excluding has been included in 2017 the previous year and shutting down the unit). "
Earlier this year, China ordered steel and aluminium producers in 28 cities to cut production in winter to cope with fog and haze. Last week, other iron and steel producing areas in Tangshan and Hebei said they would implement production directives.
Aluminium rose 1.83% to $2000 a tonne for three months, hitting $2007 a bit earlier, the highest since December 2014.
Customs data show that China's exports of non - Wrought Aluminum and aluminum in July amounted to 440000 tons, down 4.3% compared to June, but 12.8% higher than in July last year.
Global stock markets fell to a record high on Tuesday, ignoring the weaker than expected Chinese trade figures. China's trade figures are disappointing, giving Mengyin, a previously optimistic global growth outlook.
Shanghai rebar futures fell slightly Tuesday, so the first seven days even up, the price to the highest since 2013, prompting investors to lock in profits.
China's steel prices also rose to benefit from zinc, LME zinc rose 0.68% to $2877.5 per ton, earlier touched $2888.50, close to the highest since March.
Customs data show that China's imports of copper and copper in July were unchanged from 390 thousand tons in May and 360 thousand in June, representing an increase of 8.3% over the same period of last year, reflecting the current warming of domestic demand.
China's 1-7 months without copper and copper imports amounted to 2 million 620 thousand tons, a decrease of 15.2%.
LME's three month copper fell 0.12% to $6406 a tonne, up from $6447.50 on the previous day.
Three months tin fell by 1.53%, at $20285 per ton.
Three months of nickel declined by 0.63% to $10335 per ton.
Lead fell 0.44% in three months to $2350.5 a tonne.