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Aluminum Falls on Supply Surplus, Gold Gains on Weak Dollar

November 28, 2013 at 17:03 by Vladimir Vyun

Aluminum fell today on expectations that supply will remain high despite cuts in production. Analysts predict that 1.2 million metric tons of capacity will be shut in 2013. Still, global supply should exceed demand by about 500,000 tons. Producers were cutting high-cost output as low prices make it unprofitable. Contract for delivery of aluminum in three months slid 0.2 percent to $1,753 per ton by on LME today.

Gold advanced today as the decline of the dollar made attractive the metal priced in the US currency. Chinese imports also added to demand for gold. Thanksgiving is celebrated in the United States today, resulting in thin trading that may lead to exaggerated moves. February futures for delivery of gold were up $6.2 (0.5 percent) to $1,244.1 per troy ounce as of 16:59 GMT on COMEX today.

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