Aluminum falls to 4½-year low in dismal mart
Dec 04, 2008 | 01:26 PM
| Tom Jennemann
Aluminum prices tumbled another 3.5 percent Thursday to a four-and-a-half-year low as the market expressed concern over rising inventories and an ever-worsening demand outlook in the automotive and construction sectors.
Three-month aluminum on the London Metal Exchange posted an official price of $1,589 a tonne Thursday, down from $1,647 the previous day.
In what was troubling news to analysts and traders, inventories in LME-registered warehouses rose another 19,500 tonnes Wednesday to 1,858,775 tonnes as of Thursday morning, the highest level since November 1994, when the market was flooded with aluminum following the collapse of the Soviet Union. At the beginning of 1994, LME aluminum was trading at about $1,100 per tonne. ....
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