Chalco further cuts aluminium prices; China’s stocks keep growing sharply
China Aluminum International Trading Co. (Chalco Trading) has further cut aluminium prices it offered in China’s major markets today.
Unit: RMB/tonne
Aluminium stocks in five major markets continued growing this week to new record highs, including SHFE aluminium stocks. Stocks in these five regions: Shanghai (275,000 tonnes), Wuxi (589,000 tonnes), Nanhai (325,000 tonnes), Hangzhou (90,000 tonnes) and Gongyi (94,000 tonnes) - totalled 1.37 million tonnes as on August 10, up 39,000 tonnes from a week ago, SMM data showed.
Base metals on SHFE got a boost from rising ferrous and non-ferrous metals price on Thursday’s night trading. According to SMM weekly price outlook, aluminium prices on the Shanghai Futures Exchange (SHFE) is expected to move within a range of RMB 16,000-16,250 tonnes today.
LME aluminium settles over US$2,000/t mark, outperforms SHFE on positive market sentiment
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