The most active aluminum contract on the Shanghai Futures Exchange (ShFE) fell 0.8% to 13,020 yuan ($ 1,872.14) per ton, its lowest level since September 21, 2016. The contract ended at 13,085 yuan ($ 1,883.68) per ton, down 0.3%.
Three-month aluminum on the London Metal Exchange (LME) fell 0.5% to $ 1,711 per tonne at 7:19 a.m. GMT.
The prices of most other industrial metals, which closely monitor the health of the global economy due to their wide use in many industries, have also fallen as the number of deaths from viruses and cases of infection were increasing in Europe and the United States.
Copper at LME fell 0.4% to $ 5,653 per tonne, nickel fell 0.7% to $ 12,795 per tonne, zinc fell 0.2% to $ 2,007 per tonne and lead slipped 0.3% to $ 1,830 a tonne.
ShFE copper fell 0.9% to 44,740 yuan per ton, nickel fell 0.12% to 102,570 yuan per ton, zinc increased 0.2% to 15,970 yuan per ton, while lead increased 0.6% to 14,480 yuan per ton.
FUNDAMENTALS
ALUMINUM STOCKS: Aluminum stocks in warehouses monitored by the ShFE
SHOOTING VIRUS: The death toll in Italy has risen to 148, with the contagion in the most affected country in Europe showing no signs of slowing, while deaths in the United States have risen to 12 and 53 new cases have been confirmed.
United States: President Donald Trump said the U.S. economy could be affected by the epidemic, but predicted that the challenge would eventually pass.
CHINA: Virus likely halved China’s growth in first quarter compared to previous three months, more severe than previously thought just three weeks ago and triggering expectations of earlier interest rate cuts , a Reuters poll found.
WUHAN: Wuhan, the epicenter of China’s coronavirus epidemic, will likely see new infections drop to zero by the end of this month, an expert from the country’s top committee on the fight against the disease said on Thursday.
