11 AUGUST 2011commodityonline
Aluminium semis production continues to grow strongly y/y
Edited by : AL CIRCLE
1 min read
Prices have received something of a fillip rising this morning from Tuesday’s close. A strong set of Chinese economic data together with strong metals-specific data has boosted sentiment.
Unwrought Aluminium exports meanwhile rose by 39% m/m and by 19% y/y to 82Kt marking the strongest export level since April 2010. Unwrought aluminium imports also rose 4% m/m and 9% y/y. Given the tightening in domestic supply exports are likely to soften in H2. Chinese production data from the National Bureau of Statistics (NBS) were also released and painted a mixed picture.Aluminium fell m/m.
The m/m drop in Aluminium output to 1.548Mt is in line with reports of powerrelated cuts (Commodity Daily Briefing, 9 August 2011) and also helps to explain the tightness in spot supply with inventories (SHFE and supply chain) falling and time spreads continuing to tighten - the cash to 6-month backwardation has moved above $100/t for the first time since April 2009.
Unwrought Aluminium exports meanwhile rose by 39% m/m and by 19% y/y to 82Kt marking the strongest export level since April 2010. Unwrought aluminium imports also rose 4% m/m and 9% y/y. Given the tightening in domestic supply exports are likely to soften in H2. Chinese production data from the National Bureau of Statistics (NBS) were also released and painted a mixed picture.Aluminium fell m/m.
The m/m drop in Aluminium output to 1.548Mt is in line with reports of powerrelated cuts (Commodity Daily Briefing, 9 August 2011) and also helps to explain the tightness in spot supply with inventories (SHFE and supply chain) falling and time spreads continuing to tighten - the cash to 6-month backwardation has moved above $100/t for the first time since April 2009.
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