China’s primary aluminium inventories stand 23,000 tonnes lower over the weekend, shows SMM
According to the Shanghai Metals Market, social inventories of primary aluminium across China’s eight major consumption areas, including SHFE warrants, totalled 553,000 tonnes, losing further 23,000 tonnes over the weekend ended November 14. On a week-on-week basis, primary aluminium inventories decreased by 18,000 tonnes from 571,000 tonnes, showed SMM.
The figure is also 59,000 tonnes lower than a month ago and 469,000 tonnes during the same period last year. To know the current status of the inventories in more details, refer the chart below:
The decline in primary aluminium inventories on Monday was primarily led by Wuxi, registering a plunge of 24,000 tonnes over the weekend to 146,000 tonnes. In Gongyi, inventories dropped by 9,000 tonnes to peg at 66,000 tonnes as of Monday, November 14.
However, on the other hand, Nanhai, Hangzhou, and Tianjin, witnessed growth in inventories this weekend by 7,000 tonnes, 2,000 tonnes, and 1,000 tonnes, respectively, to clock at 128,000 tonnes, 73,000 tonnes, and 75,000 tonnes, found SMM. In Shanghai, Linyi, and Chongqing, primary aluminium inventories remained restrained at 42,000 tonnes, 18,000 tonnes, and 5,000 tonnes, respectively.
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