
A00 aluminium ingot price started the week lower after Dragon Boat Festival. Aluminium ingot recorded further down on June 10 from RMB 14060 per tonne to RMB14020 per tonne. The price inched higher on Tuesday and continued till Wednesday. A00 aluminium ingot price ended the week lower at RMB13970 per tonne on Friday, June 14, 2019. As of yesterday, the average price is expected to range at RMB13950-13990 per tonne.

Premium showed no movement till Tuesday, June 11. Premium increased by RMB10 per tonne on Wednesday. Then it dropped RMB10 per tonne on Thursday and Friday. As of yesterday, spot aluminium price is likely to trade at a discount of RMB 10 per tonne to a premium of RMB 30 per tonne.
Inventories of primary aluminium in China declined slower over the holiday-extended weekend. Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, dropped 17,000 tonnes from Thursday June 6 to stand at 1.131 million tonnes as of Monday June 10. On Thursday, June 13, stocks declined to 1.118 million tonnes.

On the other hand, the average spot alumina price on June 13 inched down by RMB 46 per tonne to RMB 3032 per tonne after remaining restrained at RMB 3078 per tonne from May 30 to June 12, 2019. The average spot price of alumina recorded no change at the end of the week, found Shanghai Metals Market.
Aluminium prices are expected to moderate in the short term as demand weakens in a slack season but slower-than-expected growth in supply and shrinking inventories sustain an optimistic outlook on prices in the long run, said Wang Rui, senior aluminium analyst at SMM.
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