China's iron ore futures fell more than 8%, with other metals set to drop, as factory activity in China contracted for the first time since April 2020 and nationwide steel production restrictions dampened the possibility of restocking demand.
January iron ore futures (SCO:COM) on the Dalian Commodity Exchange fell 8.6 percent to 759 yuan/mt, closing -7.8 percent to 765 yuan/mt, while Singapore's top traded September contract signed - 6% to $143/tonne.
Benchmark London copper (HG1:COM) is down more than 2% and aluminum (LMAHDS03:COM) is also falling after posting a decade high.
The China Non-Ferrous Metals Association says in a new report on aluminum that supply is not falling significantly and consumption is not strong enough to warrant such high prices.
Major global miners all trade lower in the US: BHP -1.7%, RIO -1%, VALE -1.2%.
Steelmakers also reported large decreases: X -2.2%, CLF -1.9%, NUE -3.4%, STLD -2.7%, SCHN -3.6%.
Among copper producers: FCX -2.4%, SCCO -2.4%, HBM -2.3%.
Aluminum producers: AA -3.5%, CENX -7.5%, KALU -4.6%.
Aluminum's recent rally has separated it from copper, which has fallen steadily in recent weeks.
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