May 2012 | Base Metals
Lower prices have attracted bargain hunters: Aluminium - Market Analysis
Prices found support above $2,000/tonne. The fact that this level held suggests to us that the market is now starting to price in production curtailments. If cuts do not materialize – and even if they do – further price weakness cannot be ruled out in the short term, given the concerns about the fate of the euro.
Aluminium stock activity remains high
Aluminium stocks climbed a net 14,950 tonnes last week, with heavy two-way stock flow and cancelled warrants climbed even more with a further 88,675 tonnes cancelled. The inflow totalled 65,150 tonnes with 45,250 tonnes going into Detroit, 16,050 going into Vlissingen, 2,500 tonnes going into Baltimore and 1,350 tonnes going into Busan....
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