LME Aluminium Inventories Jumped By 18750 Tonnes In Single Day

LME Aluminium inventories jumped by as much as 18750 tonnes in the single day on 9 June 2013. The rise is probably on account of closure of Chinese markets for Dragon Boat festival which will mean lower demand for metal in spot.
The rise in Aluminium was followed by sharp decline in prices. After the announcement of 0.36 percent rise in Aluminium the prices have moved down by $ 40 per tonne to $ 1928 per tonne.
MCX Aluminium didn't follow the footsteps of its counterpart and was up 0.64 percent mainly due to decline of Rupee to all time lows against the Dollar. Rupee was trading at 57.74 when last checked, up 1.2 percent.
Source by Commodity Insights