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Shanghai prices ease; aluminium steady on output cut plan

Shanghai metals prices generally eased on Monday amid ongoing concerns over global economic growth, although aluminium was steady following a proposal to further reduce China’s production capacity.

Chinese producers are set to cut at least another 800,000 tonnes per year of smelting capacity in coming months, according to an official at the industry body that organised a rare meeting of smelters on Friday.

The country has cut more than 3 million tonnes of aluminium smelting capacity so far this year, but this has been offset by the resumption of some production and new production lines.

“Capacity reduction will help to support aluminium prices… But the scale of price rebound will depend on the actual implementation of the cuts,” said analysts from CITIC Futures in a note.

Overall, metals trade is becoming tepid ahead of the year-end, they added.

FUNDAMENTALS

ALUMINIUM: The most-traded aluminium contract for February delivery on the Shanghai Futures Exchange inched up by only 0.3 percent to 13,745 yuan ($1,992.43) when market closed at 0700 GMT.

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