Aluminum futures price declines to lowest point since Jul 3
According to the report, the London Metal Exchange (LME) aluminum on August 1st declined to the lowest point during recent one month. The three-month aluminum dropped a third-continuous day and by 1.1% on Thursday, yet it was the lowest level since July 3rd.
The stimulations were both ArcelorMittal’s announcement cutting its global demand forecast as well as the news of Chinese shrinking production. To anticipate a dropping steel demand in Europe due to the cold auto market, ArcelorMittal decided to revise downward its forecast of global steel demand.
The head of commodities research at BMO Capital, Colin Hamilton, pointed out that it was in the seasonal soft demand period for the global market now, so most people concerned about the demand decreasing issue.
