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Meet the `Miserable' Metal: Aluminum Sinks to `09 Low on Surplus

  • Prices heading for eighth straight day of declines in London
  • `The fundamental outlook is weak,' says Guotai analyst Wang
Aluminum Manufacture At United Co. Rusal's Irkutsk Smelter
Photographer: Andrey Rudakov/Bloomberg
Updated on

Dwight Anderson had a point when it came to aluminum. The price sank to the lowest level in more than six years on Friday on concern that a global glut will endure, extending a losing run after the hedge fund manager dubbed the metal as miserable.

Three-month futures fell as much as 0.4 percent to $1,484.50 metric ton on the London Metal Exchange, the lowest level since June 2009, and traded at $1,486 at 12:28 p.m. in Singapore. The metal is set for an eighth daily loss.