Alcoa Closed Warrick Aluminium Factory
The first two months of this year, China‘s industrial output growth to the lowest level since the global financial crisis, retail sales growth for the slowest since at least May 2015.
However, fixed-asset investment was higher than expected, there are signs that the rebound in China‘s real estate market.
VTBCapital WiktorBielski, head of commodities research, said “China‘s data is somewhat confused, because industrial production data are very weak, but investment in fixed assets grew. ”
LME three–month aluminium fell 1.2% to $ 1,542 a tonne. $ 50 plate hit its lowest since February 19 $ 1,536.
China‘s largest aluminum maker China HongQiao group limited report aluminum production last year increased to 36.8%, which is a sign of excess supply, prices suffered.
In addition, the dollar index rallied as investors as Japan‘s Central Bank and federal reserve policy meeting to be held this week in preparation. This will depress prices.
LME aluminium dropped 0.5%, at $ 4,946 per tonne, March 4, hitting a four–month high of $ 5,059 and rose 1.6% on Friday.
United States commodity futures trading Commission (CFTC) data released on Friday showed that hedge funds and money managers increased in the last week New York commodities exchange (COMEX) copper net long positions in futures and options to the highest level since May.