China's aluminum prices retreat to levels well below their resistance threshold
March 16, 2019
SHFE May-2019 aluminum prices fell for the first time in six sessions, closing the overnight session at 13,645 yuan per mton ($1,752 per mton, excluding VAT)— down 0.1% from yesterday. Moreover, in after-hours trading, prices fell by as much as 0.5% toward an intraday low of 13,565 yuan per mton ($1,742 per mton, excluding VAT) amid profit taking and demand growth concerns (as data released on Thursday showed that Chinese industrial production growth rates weakened to a decade low of 5.5% y/y at the start of 2019).
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