Base metals bruised by energy crisis

BASE metals were heavily sold off at midweek as the Chinese government took steps to ease the energy crisis.
Base metals bruised by energy crisis Base metals bruised by energy crisis Base metals bruised by energy crisis Base metals bruised by energy crisis Base metals bruised by energy crisis

Staff Reporter

Bloomberg reports that China announced plans to limit the price at which miners sell thermal coal in order to ease electricity shortages.
 
Tin and aluminium were the worst performers, each losing about 5.4%.
 
"Aluminium is one of the most sensitive metals to coal prices due to its energy-intensive process," ANZ Research said.
 
"Many large smelters in China have coal-fired power plants adjacent to their operations.
 
"This permeated the base metals complex, with copper, nickel and zinc also recording sharp falls."
 
 

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