BEIJING- Aluminum prices in London pulled back on Wednesday, snapping a seven-day rally, after traders locked in some profits and also assessed higher supply and weak demand from top consumer China.
Three-month aluminum on the London Metal Exchange was down 1.3 percent at $2,469 per metric ton, having hit a five-week peak in the previous session.
The most-traded September aluminum contract on the Shanghai Futures Exchange edged 0.1 percent lower to 19,655 yuan ($2,755.89) a ton, taking a pause from a four-day winning streak.
Easing concerns of a US economic slowdown and supply tightness of alumina, the key ingredient to make aluminum, also supported prices earlier this week.
However, the market was plagued by subdued demand in China and ample supply due to strong domestic production and more inflows from Russia.
Investors are also bracing for comments from Federal Reserve Chair Jerome Powell due on Friday that could provide clues about the speed of the US monetary easing cycle.
LME copper shed 0.5 percent to $9,154 a ton, tin lost 0.6 percent to $32,100, zinc decreased 0.6 percent to $2,789, lead climbed 0.4 percent to $2,062.50 and nickel lost 1.2 percent to $16,835.
