Aluminum Corp. of China , the nation’s leading producer of the metal, declared a price recovery for the lightweight metal will lag behind other base metals because of high inventories. For full story, click here
The Metals Activity Report from the Metals Service Center Institute shows that June shipments of aluminum from metals service centers in the United States and Canada continued to dipped, but generally at a slower rate than in previous months. For full story, click here
Aluminum Corp. of China, the nation’s leading producer of the metal, declared a price recovery for the lightweight metal will lag behind other base metals because of high inventories. For full story, click here
Aluminum stockpiles have risen consistently this year amid the downturn in the auto sector; however recent evidence that the economy is improving combined with confidence in Chinese purchases have lifted aluminum demand.
Aluminum’s fundamentals remain dire, despite the upswing in Chinese Imports. Imports in the country are rising due to an arbitrage opportunity as Shanghai Futures Exchange aluminum is selling at a premium of $400-$500 per tonne on the London Metal Exchange.
Aluminum prices closed at its best since last Thursday as LME inventories witnessed their smallest daily increase by 900 tones. For full story, click here
Aluminium for delivery in three months on the London Metal Exchange fell to a low of $1,279 a tonne – the lowest level since November, 2001. Record high stocks were responsible for the overwhelming downward pressure. Aluminium LME warehouse inventories leapt by 13,125 tonnes to stand at 3.17 million tonnes, their highest ever.
Aluminum prices declined to $1,285 (U.S.) a tonne as inventories hit a record high. For more information, click here
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