ShFE Aluminium Limit down, Zinc Slides on China Tightening-Shanghai Metals Market

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ShFE Aluminium Limit down, Zinc Slides on China Tightening

Industry News 09:20:08AM Jan 13, 2010 Source:SMM

SINGAPORE, Jan. 13 -- Shanghai aluminium fell by its 5 percent daily limit on Wednesday and zinc also came close to its downside threshold after China raised bank reserve requirements.

Benchmark third-month Shanghai aluminium SAFc3 fell 900 yuan to 17,085 in early trade, while zinc SZNc3 dipped to 20,110 yuan, just 25 yuan short of its downside limit.

The People's Bank of China surprised markets with a statement that it intends to raise the reserve requirement ratio in a move to stem the threat of inflation.

 

ShFE Aluminium Limit down, Zinc Slides on China Tightening

Industry News 09:20:08AM Jan 13, 2010 Source:SMM

SINGAPORE, Jan. 13 -- Shanghai aluminium fell by its 5 percent daily limit on Wednesday and zinc also came close to its downside threshold after China raised bank reserve requirements.

Benchmark third-month Shanghai aluminium SAFc3 fell 900 yuan to 17,085 in early trade, while zinc SZNc3 dipped to 20,110 yuan, just 25 yuan short of its downside limit.

The People's Bank of China surprised markets with a statement that it intends to raise the reserve requirement ratio in a move to stem the threat of inflation.