China aluminium futures fell sharply on Tuesday to their lowest in more than three months, dragged down by signs of robust global production. The most-traded aluminium contract on the Shanghai Futures Exchange lost 2.45 percent to close at 14,910 yuan ($2,247.14), its weakest since early August. Global production for October, excluding China, was 2.179 million tonnes, up from 2.1 million tonnes in September, International Aluminium Institute (IAI) data showed on Monday. However, Chinese daily average output fell to 82,100 tonnes in October against 86,900 tonnes in September.
ShFE nickel closed 0.83 percent higher. Traders said the metal was finding support from stronger ShFE steel rebar futures, which closed 2.7 percent firmer on expectations that Chinese demand would bounce back sharply when production curbs are lifted after winter. Nickel is chiefly used as an alloy for steel manufacturing.
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