June 2009 | Aluminium Weekly Market Tracker
Chinese implied internal demand higher than 2007 levels: Market Analysis
Chinese production and import figures show a nation that is unable to feed its demand for aluminium.
Aluminium prices not giving up...
Although down from the year’s high of $1,674/tonne, the 3-month LME aluminium price has found strength at the $1,600/tonne level. After reaching a post surge low of $1,591 on Wednesday it bounced back to close at $1,668 on Friday.
The dip was most likely due to an additional 99,075 tonnes of metal entering LME warehouses from Friday to Wednesday last week putting stocks at a record 4.368m tonnes. This was possibly due to more warehouse-linked financing deals and came after several days of little warehouse movement. While the end of the week gains have primarily been driven by the continued, if slightly declining, physical interest in the metal. Cancelled warrants came down from their 3.0% of total stocks peak...
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