SMM data shows primary aluminium inventory expands in China after National Day holiday
As shown by data from Shanghai Metals Market, social inventories of primary aluminium in China expanded over the week after the National Day holiday. As trading was closed because of the holidays and cargoes arrived in the warehouses, it led to an increase in stocks stemming several weeks of declines. Trading has started today and the inventory is likely to fall this week.
SMM data showed that stocks across eight consumption areas in China, including SHFE warrants, increased by 75,000 tonne from September 30 to 969,000 tonne as of Tuesday October 8. The inventory status is shown in the below table:
Shanghai Metals market also reported that 6063 aluminium billet stocks across five major consumption areas in China increased by 35,400 tonne from September 30 to stand at 135,200 tonne as of Tuesday October 8.
Three-month LME aluminium recovered from earlier losses on Monday to close at US$1,751/t; SHFE starts trading today
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