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08 JUNE 2019 AL CIRCLE

A00 aluminium ingot price continues to decline over the week; downtrend likely to be extended

EDITED BY : HEENA IQBAL 2MINS READ

A00 aluminium ingot price continued to decline in the week to Thursday June 6. Aluminium ingot price started the week with RMB14170 per tonne and moved downwards to wind up the week at RMB14060 per tonne on Thursday, June 6, 2019. Aluminium price in other major China markets also registered a declining trend throughout the week. Average aluminium price is expected to hover between RMB 14040-14080 per tonne. 

China market is closed on Friday for the Dragon Boat Festival. Trading will resume on Monday.

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The average premium came in at RMB20 per tonne on Monday, June. Premium declined to RMB10 per tonne on Wednesday, after remaining flat on Tuesday. It again rose to RMB20 per tonne on Thursday, June 6. As of Thursday, spot aluminium price is likely to trade at a premium of RMB 40 per tonne.

Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, dropped 31,000 tonnes from Thursday May 30 to stand at 1.18 million tonnes as of Monday June 3.  Inventories continued to fall over the weekend as limited cargoes arrived at social warehouses. Deliveries from warehouses also shrank during the weekend. The decline in primary aluminium stocks extended on week and stood at 1.15 million tonnes on Thursday June 6.

On the other hand, the average spot alumina price in China did not change last week. Alumina price is currently hovering at RMB 3078 per tonne.


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EDITED BY : HEENA IQBAL 2MINS READ

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