Aluminum drops to 6 year low

Aluminum prices continued to decline, approaching a six-year low, driven by fears of the devaluation of the Chinese yuan. The export price of the metal has become cheaper this week, increasing the global surplus.

On the London Metal Exchange, within three months, the price of aluminum fell by 0.9 percent, reaching $ 1,574 per ton. On Wednesday, metal used to make beverage cans and aircraft retreated to $ 1,553.50 a tonne, the lowest price since July 9, 2009.

Prices fell to their lowest since 2009 on Wednesday amid a slowdown in demand and increased overseas shipments from China, the world's largest metal producer. Earlier this week, Goldman Sachs Group Inc. cut its aluminum price forecast by at least 21 percent from 2016 to 2018 due to a global surplus. Aluminum shipments from China from January to July 2015 were up 28 percent year-over-year to record volumes.