Aluminium inventories appreciated by 10825 tonnes to 5163650 tonnes
compared to last night the official data from London Metal Exchange
revealed. Aluminium inventories are already at all time highs and the
rampant rise is causing markets to destabilize. China, which is the key
market of Aluminium, is jostling with rise of production levels and
these supplies are getting transferred to LME and Shanghai warehouses. The data from Shanghai futures exchange showed that the on warrants increased by 1367 tonnes to 260835 tonnes. Rise in on-warrants is a sign of slower demand and stocks to be kept in warehouses. Since the beginning of this year on-warrants in Shanghai warehouses has gained by 49.5 percent.
LME three month Aluminium prices were trading at $ 1838 per tonne on Thursday, up by $ 10 per tonne from last night. MCX Aluminium futures for May expiry were trading at Rs 97.9 per kg, up 0.72 percent. The prices tested a high of Rs 98.5 and a low of Rs 97.8 per kg so far in the day. Aluminium is at 31 month low on MCX.
Source by Commodity Insights
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