30 APRIL 2014AlCircle.com
Aluminum falls to lowest in a period of two weeks with high inventories
Edited by : AL CIRCLE
1 min read
Prices of aluminium dropped to the lowest in London for two weeks or more as the inventories expanded. Inventories of the unwrought aluminium rose to 1.215 mn mt in the month of March from an amount of 1.71 mn tons that were revised a month earlier. This was said in a recent report published in International Aluminium Institute.
The stockpiles climbed to 1.215 mn metric tons in those warehouses that were tracked by LME.
“Prices are going to be hampered from moving higher because of that supply, particularly on the LME,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in an interview over the phone.
Aluminum to be delivered fell to 1.3% in 3 months fell to settle at $1,829 per ton in London, after reaching $1,826.75, recorded as the lowest since 9th April.
The stockpiles climbed to 1.215 mn metric tons in those warehouses that were tracked by LME.
“Prices are going to be hampered from moving higher because of that supply, particularly on the LME,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in an interview over the phone.
Aluminum to be delivered fell to 1.3% in 3 months fell to settle at $1,829 per ton in London, after reaching $1,826.75, recorded as the lowest since 9th April.
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