June 2011 | Aluminium Weekly Market Tracker
Chinese aluminium market view - 16 June 2011: Lower margin request and high power tariff are boosting aluminium prices
Aluminium contract continued its upward trend. However, whether it will maintain the momentum is uncertain, given that downstream demand seems to be slowing: May was the second consecutive month for the auto sales figures to fall and China’s investment on property development is also slowing down.
The Shanghai Futures Exchange August aluminium contract gained 1.5% on June 10 to close at Rmb17,135/tonne ($2,640/tonne). Corresponding to a 1.2% drop in aluminium inventories over the week to 315,775 tonnes. Lower margin requests for aluminium futures trading after the Chinese Dragon Boat Festival and high power tariff boosted aluminium trading investments and prices early last week- SHFE August aluminium contract gained by 1.7% on Jun 7. On the spot market, meantime, transactions also improved as previous hesitant buyers started buying in the face of rising prices, according to local media. However, it...
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