Aluminium...........
All time high inventories of Aluminium has again become a cause of
worry for the metal. Aluminium is used extensively in car bodies and
cheaper electricity wiring compared to Copper. However, the prices have
fallen for the fifth straight session as the warehousing stocks have
started to swell once again.
Inventories of Aluminium increased
by 15725 tonnes on Wednesday to 5214150 tonnes. Although this year the
inventories have gained by 4100 tonnes but the all time high levels are
still restored.
LME Aluminium was trading at $ 1869 per tonne,
down $ 12 per tonne. This is a two week low for Aluminium. On MCX,
Aluminium benchmark contract was trading at Rs 107.6 per kg. The
disparity between Indian and LME exchanges continues after the Rupee
regained its sloping journey against the Dollar. Rupee was quoting at
58.45 against the Dollar, down 1.1 percent.
Source by Commodity Insights
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