Aluminum prices in London slumped to a six-month low in today's trading amid rising Covid-19 cases in Beijing and growing concerns that higher interest rates will dampen global economic growth and demand for the metal for a longer period of time.
Three-month aluminum on the London Metal Exchange fell 1.4 percent to $2,643.50/ton at 07.21 TSI, its lowest level since December 16.
On Shnaghai, aluminum for July delivery fell 2.5 percent to 20,070 yuan/t ($2,978.54) during the lunch break.
On the LME, copper was down 0.7 percent to $9,383.50/t after hitting a two-week low at the start of the session.
Analysts noted that the metal outlook will remain under pressure in the near term, adding that the Chinese market has traditionally entered a soft period in the coming weeks amid new shutdown threats and a stagnant economy.
Copper fell 0.9 percent in ShFE.
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