(Bloomberg) -- Aluminum extended its retreat from a two-month high as concerns about the strength of China’s demand recovery lingered, with supplies remaining sufficient. Other industrial metals also declined.
Since Tuesday’s close, aluminum has fallen by about 3%, paring what was a strong monthly gain. The spot three-month spread on the London Metal Exchange was $27 a ton.
“Aluminum supply remains elevated, while downstream demand recovery in China is limited,” Guangzhou Futures Co. said in a note that predicted the metal declining further.
Aluminum fell 1.2% to $2,467.50 a ton on the LME at 3:51 p.m. local time, trimming this month’s gain to just above 7%. Most base metals declined, with lead falling 1.7%. Copper was little changed.
--With assistance from Mark Burton and Sana Pashankar.
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