| Copper hit a one-month low on Wednesday due to concerns about the economic outlook for big metals consumer China, while aluminium fell to its lowest in a year on rising production. Aluminium is in oversupply with a huge stock overhang, and output has continued to rise this year, with the latest industry figures showing daily average production rising to 68,500 tonnes in April.
Norwegian producer Norsk Hydro said it would increase aluminium output by 35,000 tonnes per year. "Although LME stocks are falling there's (still) a lot of aluminium around and (then) we see large increases in production. Aluminium needs a deficit to erode overhead stocks," Fastmarkets head of research William Adams said...........................................Full Article: Source
|