Three-month aluminium contract on LME inched close to its four-year high in Asian trade as production in China fell, while zinc rose following high steel prices in the Asian country. Aluminium prices surged after recent data from China's National Bureau of Statistics showed that production in July fell 8.2% from June and 0.3% from year ago to 2.69 mln tn.China is one of the largest producers and consumers of industrial metals, including aluminium. Zinc prices gained following a rise in steel prices in China over the last few weeks after announcements of capacity cuts in key steel producing provinces. China’s steel output rose in July and raised hopes of higher demand for zinc which is used to galvanise steel products.
Source : Newswire
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