14.08.2015 - Aluminum Nears Six-Year Low as China Supply Seen Adding to Glut
Aluminum fell, approaching a six-year low, on concern that China’s yuan devaluation this week will make exports of the metal cheaper, adding to a global glut. China’s shipments in 2015 through July surged 28 percent from last year, to a record. The average cost to produce primary aluminum in the country dropped by $12 a metric ton, to $1,728, after China devalued its currency’s fix against the dollar by 1.9 percent, according to Harbor Intelligence in Austin, Texas. Prices fell to the lowest since 2009 on Wednesday on prospects for slowing demand and increased shipments abroad from China, the world’s largest producer of the metal. Earlier this week, Goldman Sachs Group Inc. reduced its aluminum price forecasts by at least 21 percent from 2016 through 2018 because of a global surplus...............................................Full Article: Source
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