October 2011 | Aluminium Weekly Market Tracker
Chinese aluminium market view – 4 October 2011: SHFE stocks keep dropping
Aluminium prices remained most resistant of the base metals to the economic turmoil as the production cost provided some floor for further downside risk. The 16.1% drop in prices from two months ago attracted some dip buyers which may also provide some upward momentum in the short term. However, whether there will be any rally, or to what extent the rally will be still depends on the conditions of general macroeconomic environment.
Continuing macroeconomic uneasiness and fragile sentiment have led to a highly volatile commodity market and mostly weaker base metal prices. In line with the plunge seen in LME aluminium price which fell to one year low of $2,155/tonne last week, SHFE aluminium prices also headed lower. SHFE spot price closes at Rmb16,855/tonne ($2,638/tonne) before the National Day, although it is a slight lift from the previous Friday’s close price, it is an 8.8% down compared with the price level before the sell-off at early August. ...
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