Chinese primary aluminium inventories extend gains on higher arrivals
Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, increased 72,000 tonnes from Thursday February 21, Shanghai Metals Market data showed. As of Thursday February 28, social stocks of primary aluminium came in at 1.744 million tonnes.
The chart below indicates the current status of the primary aluminium inventories across China:
Compared with last Thursday, inventories in Nanhai, Guangdong and Gongyi, Henan increased 34,000 tonnes and 29,000 tonnes to 352,000 tonnes and 167,000 tonnes respectively. Stocks in Nanhai and Gongyi were at 318,000 tonnes and 138,000 tonnes on Thursday, February 21. Inventories in Wuxi, Jiangsu increased 14,000 tonnes to 644,000 tonnes as of Thursday February 28.
Stocks in Shanghai and Hangzhou, Zhejiang reduced 4,000 tonnes and 1,000 tonnes to stand at 310,000 tonnes and 150,000 tonnes respectively.
Positive fundamentals buoyed both LME and SHFE aluminium yesterday; likely to trade higher today
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