China aluminium stocks soar after holiday; SHFE aluminium set for further gains
Aluminium stocks in China’s five major markets increased significantly after the weeklong Chinese National Day holiday, SMM data showed.
Aluminium ingots kept arriving during the holiday, while consumption came to a virtual standstill, causing stocks to surge after the holiday, SMM explained.
The table below shows details of aluminium stocks at China’s five major markets:
Unit: 1,000 tonne
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.
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LME aluminium will follow SHFE aluminium up to USD 1,680-1,700/mt.
In east China spot market, spot premiums of RMB 160-200/mt are expected over SHFE 1610 aluminium contract.
MCX aluminium edges higher on uptick in demand
Next articleVedanta achieves record aluminium production of 541,000 tonnes in H1
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