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Thursday, August 21, 2014
Aluminum Falls From Six-Month High on China PMI Data
Aluminum in London retreated from a six-month high as industrial metals declined after worse-than-expected manufacturing data from China, the biggest consumer.
The contract for delivery in three months on the London Metal Exchange dropped as much as 0.5 percent to $2,066 a metric ton and was at $2,072 at 10:20 a.m. in Hong Kong. Prices closed at $2,076 yesterday, the highest since Feb. 20. Copper fell 0.2 percent to $6,995 a ton.
A gauge of Chinese manufacturing from HSBC Holdings Plc and Markit Economics showed a preliminary August reading of 50.3, trailing all 22 estimates in a Bloomberg News survey of economists. The measure dropped from 51.7 in July and was the lowest since May. The index followed data last week that showed a slump in credit growth and slowdown in industrial output.
Signs of a slowing economy in China “will dampen sentiment,” said Helen Lau, a Hong Kong-based analyst at UOB Kay Hian Ltd. “This will affect the demand for metals.”
Copper for December delivery fell 0.5 percent to $3.1825 a pound in New York, while the metal for delivery in October advanced 1.2 percent to 50,130 yuan ($8,155) a ton in Shanghai, rising for a fourth day.
On the LME, lead dropped for the first time in five days. Nickel, zinc and tin also fell.