11 OCTOBER 2016Shanghai Metals Market
China aluminium stocks soar after holiday; SHFE aluminium set for further gains
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<p>Aluminium stocks in China’s five major markets increased significantly after the weeklong Chinese National Day holiday, SMM data showed.<br /><br />Aluminium ingots kept arriving during the holiday, while consumption came to a virtual standstill, causing stocks to surge after the holiday, SMM explained. <br /><br />The table below shows details of aluminium stocks at China’s five major markets:<br /><br />Unit: 1,000 tonne</p>
<p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/SMM.jpg" alt="News" width="527" height="160" /><br />On the pricing side, SMM analysts find, there is still room for SHFE 1611 aluminium to advance after big gains yesterday, with prices expected between RMB 12,600-12,780/mt today. <br /><br />{googleAdsense}<br /><br />LME aluminium will follow SHFE aluminium up to USD 1,680-1,700/mt. <br /><br />In east China spot market, spot premiums of RMB 160-200/mt are expected over SHFE 1610 aluminium contract.</p>
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