BUSINESS RECORDER
LME,SFE Aluminium market position
Edited by : AL CIRCLE
1 min read
Supportive to copper prices were lower inventories of the metal at LME warehouses. Latest data showed stocks down 2,900 tonnes to 450,200 tonnes, still about a third higher since last December.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.8 percent from Sept. 30, the exchange said on Friday. Aluminium stocks rose 51.4 percent.
The rise in aluminium stocks followed months of steady declines since the start of the year, with inventories hitting an all-time low of around 77,000 tonnes on Sept. 30.
Short-selling, a popular target in volatile and rumour-riddled markets, has been blamed by aluminium producer Alcoa's chief executive for a big fall in the price of the metal and with it the company's share price.
Falling European aluminium premiums reflect concerns over a potential 2012 economic slump, but German industrial demand and financing deals are buttressing demand for now, traders said on Thursday.
Three-month aluminium was not traded on the kerb close but bid at $2,220 from a close of $2,207 a tonne on Thursday.
Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 1.8 percent from Sept. 30, the exchange said on Friday. Aluminium stocks rose 51.4 percent.
The rise in aluminium stocks followed months of steady declines since the start of the year, with inventories hitting an all-time low of around 77,000 tonnes on Sept. 30.
Short-selling, a popular target in volatile and rumour-riddled markets, has been blamed by aluminium producer Alcoa's chief executive for a big fall in the price of the metal and with it the company's share price.
Falling European aluminium premiums reflect concerns over a potential 2012 economic slump, but German industrial demand and financing deals are buttressing demand for now, traders said on Thursday.
Three-month aluminium was not traded on the kerb close but bid at $2,220 from a close of $2,207 a tonne on Thursday.
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