Primary aluminium inventories decline 36,000 tonnes over the weekend: SMM
According to Shanghai Metals Market, the primary aluminium inventories in China have continued extending their declines over the weekend ended on May 13, 2019. As demand increased and cargoes arrivals decreased, the social inventories across eight major consumption areas in China, including SHFE warrants, dropped some 36,000 tonnes from Thursday, May 9, to stand at 1.373 million tonnes.
As the above chart indicates, the inventory in Wuxi and Jiangsu has dropped by some 13,000 tonnes to stand at 493,000 tonnes, while that in Shanghai by some 2,000 tonnes to 275,000 tonnes. In Nanhai and Guangdong, Linyi and Shandong, and Chongqing, the inventories have dropped too by some 17,000 tonnes, 2,000 tonnes, and 3,000 tonnes to come in at 293,000 tonnes and 16,000 tonnes, and 26,000 tonnes respectively.
Some cities, on the other hand, have recorded a rise as well or remained restrained, such as Gongyi and Henan, and Tianjin. In the former, the inventory has climbed up by 1,000 tonnes to RMB 100,000 tonne while the inventory in the latter remained the same at 57,000 tonnes.
On this continued decline in primary aluminium inventories, the A00 aluminium ingot price has further risen to RMB 14,260 per tonne, marking the second consecutive growth.
Lower inventory and weaker US dollar buoyed LME aluminium to a high on Friday night; SHFE continues strong
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