20 AUGUST 2011commodityonline
LME aluminium inventories jump more than 100Kt
Edited by : AL CIRCLE
1 min read
Prices sold-off sharply yesterday and remain at lower levels this morning. Sentiment has taken another turn for the worst with bearish sentiment becoming increasingly engrained. SHFE stock data surprised by showing a draw of 8.8Kt in copper, which we believe also goes alongside draws in bonded warehouses.
Aluminium inventories fell 8.7Kt.
On the LME, there was another huge increase in aluminium inventories of 104Kt, due again to a large delivery into Vlissingen. This large increase has not weighed on prices, however. Market expectations had been for large deliveries into European warehouses with capacity at the location having been extended and much of the metal believed to have been put on financing.
North American Aluminium producer shipments and inventories data showed a sharp weakening in July.
Aluminium inventories fell 8.7Kt.
On the LME, there was another huge increase in aluminium inventories of 104Kt, due again to a large delivery into Vlissingen. This large increase has not weighed on prices, however. Market expectations had been for large deliveries into European warehouses with capacity at the location having been extended and much of the metal believed to have been put on financing.
North American Aluminium producer shipments and inventories data showed a sharp weakening in July.
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