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Mining

Weak Chinese demand pushes aluminum price to five-week low

Stock image. Aluminum prices fell to a five-week low on Wednesday due to weak demand in China and a rapid buildup of inventories in exchange warehouses. Benchmark aluminum on the London Metal Exchange was up 0.1% at $2,411 a tonne by 1209 GMT after touching $2,387.50, its lowest since January 9. Sign Up for the Australasia

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aluminum price

Stock image.

Aluminum prices fell to a five-week low on Wednesday due to weak demand in China and a rapid buildup of inventories in exchange warehouses.

Benchmark aluminum on the London Metal Exchange was up 0.1% at $2,411 a tonne by 1209 GMT after touching $2,387.50, its lowest since January 9.

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[Click here for interactive aluminum price chart]

Aluminum stocks in LME-registered warehouses have risen to 602,150 tonnes from 375,950 tonnes in mid-January. Inventories in Shanghai Futures Exchange warehouses are at 268,984 tonnes, against 95,881 tonnes on December 30. 

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“Aluminium’s fundamentals remain strong and China’s demand should grow this year while its production of the metal shrinks,” said WisdomTree analyst Nitesh Shah.

“There’s a lot of potential for a very strong comeback (for prices),” he added.

(With files from Reuters)

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