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Outlook on Aluminium: Angel Broking
Edited by : AL CIRCLE
1 min read
The base metals pack closed the last week on a mixed note with only copper and aluminum closing in the positive territory.Stronger dollar in the last week coupled with poor economic data from the US in the last week had capped gains in base metals.
Aluminium was the best performer in the last week, as the metal rose around 2.6 percent on the LME and almost 3 percent on the MCX. China's aluminium producers in Guangxi province will start cutting production in September mainly on account of power shortages. About 120,000 tonnes per year which accounts for 15 percent of Guangxi's 810,000 tonne annual production capacity of aluminium may be affected by the power shortages. This would provide support for the metal prices in the coming trading sessions.
Aluminium was the best performer in the last week, as the metal rose around 2.6 percent on the LME and almost 3 percent on the MCX. China's aluminium producers in Guangxi province will start cutting production in September mainly on account of power shortages. About 120,000 tonnes per year which accounts for 15 percent of Guangxi's 810,000 tonne annual production capacity of aluminium may be affected by the power shortages. This would provide support for the metal prices in the coming trading sessions.
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