Chinese primary aluminium inventories up by 33,000 tonnes over weekend
Social inventories of primary aluminium across eight consumption areas in China, including SHFE warrants, increased 33,000 tonnes from Thursday February 14, to 1.65 million tonnes as of Monday February 18, Shanghai Metals Market data showed.
For the same period, stocks in Wuxi, Jiangsu and Nanhai, Guangdong increased by 10,000 tonnes and 17,000 tonnes to stand at 618,000 tonnes and 311,000 tonnes. Inventories in Shanghai rose by 1,000 tonnes to 313,000 tonnes, while stocks in Gongyi, Henan reduced by 4,000 tonnes to 141,000 tonnes.
The below chart indicates the current status of the primary aluminium inventories across China:
In another update from SMM, China’s East Hope will construct facilities that can produce 3.2 million tonnes of alumina per year in Guizhou Province. The signing ceremony between East Hope and the government Bozhou district of Zunyi city was held on Thursday February 14, SMM learned.
Both LME and SHFE aluminium prices registered gain on the weekend; expected to trade higher today
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