July 2011 | Aluminium Weekly Market Tracker
Chinese aluminium market view - 22 July 2011: Car production and housing constructions fuel strong aluminium demand
Another 12,052 tonnes drop in SHFE aluminium stocks proved further tightness in aluminium market. Social housing building projects in China may lead to another boost in aluminium demand for semis in the second half of the year.
SHFE 3 month aluminium contract picked up 0.4% to close at Rmb 17,585/tonne ($2,728/tonne) this week as the market remained well balanced. During last month, the 3-month SHFE aluminium price has picked up more than Rmb500/tonne with near spread continued to stay in backwardation of Rmb115/tonne, close to its July average of Rmb91/tonne.
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