www.alu.com.cn
Aluminum declines on weak demand
Edited by : AL CIRCLE
1 min read
Commodity reported that Chinese aluminum prices may be capped by record production and weaker demand over the coming two months as new capacity comes online which could lead to a boost semi-finished product exports.
According to a survey of 20 warehouses in Shanghai, Guangdong, Jiangsu and Zhejiang provinces, aluminum stockpiles dropped for a thirteenth week, shrinking 10,541 tonnes to 308,635 tonnes the lowest since January 2010.
Data showed that lead stockpiles gained 3,527 tonnes to 42,032 tonnes. In yesterday's trading session aluminum has touched the low of 116.6 after opening at 116.75 and finally settled at 116.75.
For today's session market is looking to take support at 116.6, a break below could see a test of 116.4 and where as resistance is now likely to be seen at 116.9, a move above could see prices testing 117.1.
According to a survey of 20 warehouses in Shanghai, Guangdong, Jiangsu and Zhejiang provinces, aluminum stockpiles dropped for a thirteenth week, shrinking 10,541 tonnes to 308,635 tonnes the lowest since January 2010.
Data showed that lead stockpiles gained 3,527 tonnes to 42,032 tonnes. In yesterday's trading session aluminum has touched the low of 116.6 after opening at 116.75 and finally settled at 116.75.
For today's session market is looking to take support at 116.6, a break below could see a test of 116.4 and where as resistance is now likely to be seen at 116.9, a move above could see prices testing 117.1.
Previous article
ALUMINIUM-Major market developments in May
Next articleDemand growth for aluminium to be about 15pct - NALCO
Grow with
AL Circle
