Aluminium prices drop to fresh six year lows

摘要

Aluminium prices continue to decline, setting a fresh low at $1,614.50/tonne onFriday. This broke the double-bottom lows around $1,632/tonne seen on July 8 and24. Prices have since dropped to $1,602.50/tonne – a level not seen since July 2009when they were rebounding off the February 2009 low at $1,270/tonne, which wasset during the financial crisis. Back then it was mainly deleveraging that led to therapid drop in prices. Now it is the result of a weaker global demand outlook andongoing oversupply, especially in China, which has encouraged higher exports ofaluminium products from the country.