Shanghai aluminium hits new 2-yr low, posts third straight monthly drop

Reuters reported that Chinese aluminium prices fell to their lowest in more than two years on Friday and clocked a third successive monthly decline, as stalling manufacturing growth compounded plentiful supply amid relatively lenient winter output curbs. Shanghai aluminium shed 2.8 percent over November, which saw two-year lows hit several times, leaving smelters in China struggling to turn a profit and leading some to cut output even without being ordered to do so on environmental grounds.

The most traded January aluminium contract on the Shanghai Futures Exchange fell as much as 1% to CNY 13,535 (USD 1,949.39) a tonne, the lowest since October 10, 2016, before closing on CNY 13,555.

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