After a decline of aluminium inventory on 23rd of April 2018, from 2.248 million tonnes to 2.231 million tonnes, it witnessed a further plunge to 2.21 million tonnes on Thursday April 26, 2018, down 21,000 tonnes from 2.231 million tonnes on April 23 and RMB 38,000 tonnes from 2.248 million tonnes on April 19, according to Shanghai Metal Market.
This decline of the aluminium inventory on Thursday was primarily due to the lowering of future price, as a large number of downstream consumers are now putting less money on the future contract and more on the spot price, therefore, resulting in forbidding stockpile for the time ahead.
{alcircleadd}Transactions across the major Chinese cities also went down or remained unchanged, as SMM observed. More details are as follows:
On the other hand, SMM updates that the spot price of average A00 aluminium ingot shrank further after April 25, 2018 to close at RMB 14360 per tonne on 26th of April, 2018. The prices are expected to range between RMB 14340 per tonne and RMB 14380 per tonne, with spot discounts to settle at RMB 30 to RMB 70 per tonne.
While in East, the aluminium ingot price plunged from RMB 14480 per tonne to RMB 14350 per tonne; in South and North, the price declined from RMB 14495 to RMB 14345 per tonne and RMB 14510 to RMB 14390 per tonne respectively.
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