Aluminium set for worst week in 18 months on China output
(Adds official prices)
By canada goose store Zandi Shabalala
LONDON, Nov 10 (Reuters) Aluminium edged into positive territory canada goose uk shop on Friday but was still on track for its worst week since May 2016 as speculative investment flows ebbed on caution buy canada goose jacket over the scale of expected Chinese capacity cuts.
Benchmark aluminium on uk canada goose outlet the London Metal cheap Canada Goose Exchange was bid 0.5 percent higher canada goose uk outlet at $2,103 a tonne after it failed to trade in official rings. The metal canadian goose jacket used in cans and kitchen utensils fell to its lowest since Sept. 15 on Thursday.
China, it looks like the actual policy translation is not Canada Goose Online as strong as initially expected, said ETF Securities Nitesh Shah, adding that smelters were not cutting as much capacity as initially expected and uk canada goose that was translating into a prices retreat.
CHINA: The world biggest producer of aluminium is expected to cut millions Canada Goose Parka of tonnes of aluminium capacity during the winter to combat air pollution, helping to push prices to five year highs last month.
ALUMINIUM INVENTORIES: Stocks in LME approved warehouses fell to their lowest since September 2008, down 3,600 tonnes to 1.2 million tonnes. But stocks in canada goose Shanghai inched higher this week to a record 666,581 tonnes.
REUTERS POLL: A Reuters poll of 29 analysts this week produced a consensus view that aluminium prices have already canada goose factory sale peaked. Analysts expect Canada Goose online an average 2018 price of $2,038 a tonne.
DOLLAR: The dollar index was headed for its biggest weekly canada goose coats drop in four weeks, Canada Goose Coats On Sale supporting most metals.
LEAD: Lead was the only metal on track for a weekly gain, of near 3 percent, as prices hit their highest since Oct. Canada Goose sale 16 at $2,558 a tonne. LME stocks have Canada Goose Jackets fallen to their lowest in almost two years at less than 150,000 tonnes. MPBSTX TOTAL
LEAD FUNDAMENTALS: Global demand for refined lead will exceed supply by 125,000 cheap canada goose uk tonnes this year, while a deficit of 45,000 tonnes is expected in 2018, according to the International Lead and Zinc Study canada goose coats on sale Group canada goose outlet store locations (ILZSG).
NICKEL SUPPLY: Finland Terrafame nickel mine is https://www.topcanadagoose.ca planning to start producing material for electric vehicle batteries by 2020, the company said on Friday.
COPPER: Copper was up 0.4 percent at $6,834 a tonne in official trading rings after dropping in the previous session to its weakest since Oct. 11 at $6,761.50.
NOBLE: Commodities trader Noble Group reported a Canada Goose Outlet third quarter loss of $1.17 billion, hit by charges from disposals of some of its businesses, and warned canada goose clearance that the operating environment remains challenging.
FREEPORT: Indonesia military on Friday said it was prepared to take tough measures buy canada goose jacket cheap against rebels canada goose clearance sale who have threatened canada goose uk black friday to mining operations of Freeport McMoRan Inc in the eastern province of Papua in their struggle for independence.
PRICES: Zinc rose 1.8 percent to $3,233 a tonne, lead gained 1.4 percent to $2,550, tin added 1 percent to $19,625 and nickel was up 0.4 pecent canada goose black friday sale at $12,345.