February 2012 | Aluminium Weekly Market Tracker
It has been difficult to justify this year’s rally: Market Summary and Analysis
China’s largest aluminium producer, Aluminum Corp of China (Chinalco), expects Chinese aluminium output to rise at least 10.5% in 2012, to 21.5 million tonnes.
It has been difficult to justify this year’s rally. However, more quantitative easing has provided a road map for higher aluminium prices, but this may be offset by the still rising high inventory levels. Alloy prices have been lifted along with the other metals and on the back of a buoyant US auto market, but last week’s price drops shows the rally was not robust. LME cancelled warrants were up by 307,025 tonnes last week to 1.554m tonnes. Vlissingen was responsible for cancellation of almost all of the tonnage - 286,925 tonnes were cancelled in this warehouse during last week.Aluminium demand in the USA continues to experience a steady growth as the US economic outlook remains positive. According to Aluminium Association, aluminium orders rose 10.5% in January...
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