Sluggish aluminum market unfazed by China buys
Dec 29, 2008 | 11:59 AM
| Tom Jennemann
Aluminum prices fell on the London Metal Exchange Monday as a sluggish market was largely indifferent to China's reported aluminum buying, given the preponderance of bearish macroeconomic news.
Three-month aluminum settled second-ring trade on the LME at $1,505.50 per tonne, down 2.2 percent from $1,540 per tonne on Dec. 24. Aluminum stocks rose by 3,025 tonnes, bringing total inventories in LME-registered warehouses to 2,253,025 tonnes.
"Nothing much is going to happen before the New Year," according to one U.S.-based aluminum trader. "Some people might sell to generate cash flow (before Jan. 1) but that's going to be about it."....
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