CHINA December 10 2015 11:11 AM
SHANGHAI (Scrap Register): Chinese aluminum scrap prices advanced on Scrap Register Price Index as on Wednesday, while copper futures prices at Shanghai Futures Exchange settled higher as expectation of output cuts in China prompted some investors to reverse bearish bets while lead hit a month peak as inventories hovered at multi-year lows.
According to the Scrap Register Price Index, the major Chinese aluminum scrap commodities like 6063 extrusion, aluminum scrap, aluminum can and EC wire (Al >99%) traded up on Wednesday.
However, the most active 1602 aluminum contract on the Shanghai Futures Exchange settled slightly up by 0.68% to 10,360 yuan per ton on Wednesday from the previous close of 10,290 yuan per ton. The SHFE copper prices touched an intra-day high of 10,510 yuan per ton and an intra-day low of 10,210 yuan per ton during Wednesday.
However, Benchmark aluminium on the LME closed up 0.9 percent at $1,490 a ton. A media report said China's top aluminium smelters will meet on Thursday to discuss possible output cuts due to plunging metal prices.
Capping the gains, however, were persistent concerns about aluminium exports from China, the world's largest producer, which have helped push prices to a 6-1/2 year low of $1,432.50 last month.