June 2011 | Aluminium Weekly Market Tracker
Chinese aluminium market view - 29 June 2011: Chinese domestic demand may continue to stay robust in the medium to longer term
SHFE aluminium stocks experienced a significant drop of 170,674 tonnes year to date, which could indicate strong aluminium demand. However, as the business is entering into a slow summer period, we would not be surprised to see weaker consumption growth.
SHFE 3-month aluminium contract picked up 0.6% to close at Rmb17,030/tonne ($2,636/tonne) last week as the market remained tight, evidenced by cash-3 month moving into a backwardation of Rmb45/tonne spread.
From the official statistics released last week, it is seen that China produced 2.093 million tonnes of aluminium semi-fabricated goods in May. Although this is only a 4.0% m-o-m increase from April,...
ACCESS RESTRICTED
You must be a paid subscriber to view the full content.
Content over 60 days old can only be accessed by subscribers.
Call +44(0)20 7779 8000 with your credit card details or subscribe online.
SUBSCRIBE
Receive unlimited access to all current and archive content going back to 2008 including downloadable pricing data and forecasts. Plus download the latest issue as soon as it’s published.
Subscribe