August 24, 2015 / 7:24 AM / 5 years ago

METALS-Copper, aluminium at 6-yr low on slowing Chinese growth

* Copper, aluminium at lowest since 2009 on slowing China

* Shanghai copper down 2 pct as factor activity shrinks (Updates prices)

By Naveen Thukral

SINGAPORE, Aug 24 (Reuters) - London copper and aluminium futures lost more ground on Monday with both markets dropping to the lowest levels since 2009 on concerns over slowing economic growth in China, the world’s top consumer of industrial metals.

Three-month copper on the London Metal Exchange slid as much as 3 percent to $4,903 a tonne by 0708 GMT, its lowest since July 2009. Copper has shed 22 percent in 2015, on track for its third consecutive yearly fall.

Aluminium gave up 1.5 percent to $1,524.50 a tonne, its weakest since June 2009.

Activity in China’s factory sector shrank at its fastest pace in almost 6-1/2 years in August as both domestic and export demand dwindled.

Asian stocks slumped to 3-year lows as a slide in Chinese equities gathered pace, hastening an exodus from riskier assets as fears of a China-led global economic slowdown churned through markets.

“Everything is under pressure today, China is obviously the issue,” said Jonathan Barratt, chief investment officer at Sydney’s Ayers Alliance.

“But copper premiums signals that this is a selloff which is only going to be temporary and copper should find a floor around $5,000, give or take a few bucks.”

Cash copper traded at a premium of $6 a tonne to the three-month price CMCU0-3 on Friday, its highest level since May, indicating near-term supply is getting difficult to come by.

Still, adding to the China gloom, data showed growth in the U.S. manufacturing sector slowed unexpectedly to its weakest pace in almost two years in August.

Shanghai Futures Exchange copper finished 1.9 percent lower at 38,280 yuan a tonne.

Data showing China’s refined copper imports climbing 6 percent in July was not enough to offset concern over deep structural problems in the Chinese economy.

In other metals, Indonesia’s PT Timah, the country’s top tin miner, has been granted government clearance to resume exports and will look to make its first shipment by early September, company and government officials said on Friday.

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Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin (Reporting by Naveen Thukral; Editing by Joseph Radford and Subhranshu Sahu)

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