12:17 - 28.10.2021

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October 28, Fineko/abc.az. The price of aluminum has been declining for eight consecutive trading sessions after a high of $3,229 reached in mid-October.

Aluminum futures fell below $2,700 a ton at the London Metal Exchange (LME) on Wednesday, down more than 5% from the previous close.

Shanghai aluminum hit its lowest level in almost 10 weeks on Wednesday as falling coal prices eased traders' concerns about supply shortages.

Aluminum smelting is an energy-intensive process, and it has suffered greatly from the energy crisis in China, which has led to an increase in metal prices simultaneously with high coal prices recently.

On Wednesday, thermal coal reached its lower trade limit of 10% after China's state planning authority said it had asked major coal-producing provinces to investigate and regulate illegal storage facilities and take measures to accumulate reserves.