London, April 9, aluminum futures hit a three-week low, due to concerns about oversupply and cut prices, China’s stage, lead and zinc prices hit a high for several months, due to inventory decline further.
Aluminum futures fell 0.5%, to $1762.50 per ton, down to three weeks earlier lows of $1759. On the Shanghai futures exchange, aluminum futures contract fell about 2%. China’s aluminium semi-finished products manufacturers in the past year exports rise, mitigate the problem is in short supply, and pressure on prices and premium. Alcoa to excess supply forecast to rise to 326000 tons this year, because of China’s exports to rise. China announced it would cut a feed-in tariff also weighed aluminum market. Traders and analysts said the Chinese market is expected to reduce cost of aluminium producer.