Aluminum declines as Chinese metals shipments increase

Aluminum prices declined on Tuesday even as the dollar index slipped against major rivals, amid oversupply concerns. 

Latest Chinese customs data showed aluminum exports rose locally to 170 thousand tones in April, the highest since 2018. 

The Chinese government is now shipping large amounts of aluminum and copper and zinc to the global markets. 

That's because Chinese demand on these metals is declining due to ongoing lockdowns related to Covid 19. 

China's is the world's largest metals consumer, and now analysts expected a sharp slowdown in growth this year, 

US industrial output fell 2.9% in April, while analysts expected a rise of 0.5%. 

Aluminum futures fell 1.4% to $9,235 a tone at the London's Metals Exchange.