Aluminium...........
The idea of the lackluster demand can be made from the fact that even after a significant correction in the Aluminium prices, the inventories are still piling up in warehouses. London warehouses today saw a jump of 1.4 percent in inventories or 76125 tonnes to reach levels of 5230300 tonnes. This was also the six week high level of inventories on LME.
Prices have already been moving down on account of higher supply pressure and calls of production cuts from Aluminium majors like UC Rusal. The company estimated that global primary aluminium consumption reached 12 million tonnes in the first quarter of 2013, a 6 percent increase compared to the respective period of 2012.
Consumption of primary aluminium globally is forecasted to reach 50 million tonnes, an increase of 6 percent, with China remaining as the largest growing market with an expected 9.5 percent growth, followed by India with a growth of 6 percent growth.
LME three month forward prices were trading at $ 1855 per tonne, unchanged from last night. Meanwhile, MCX Aluminium was trading at Rs 100.9 per kg, down 0.8 percent.
Source by Commodity Insights
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