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March 2018 | Base Metals


Aluminium: Plenty to be bearish about


The price slide continues as SHFE stocks hit a new record high last week. And this week, China’s winter heating season ends, so smelters with capacity suspended during this period will begin to restart. Elsewhere, the ramifications of Section 232 continue to be felt. With Europe feeling the brunt at the moment as premiums fall and availability soars now that the Europe-US arbitrage has effectively closed.

Price slide continues as SHFE stocks hit new record high
The weekly average LME aluminium cash price declined 2.4% to $2,108.9/tonne last week, as growing Chinese aluminium inventory continues to weigh on sentiment. SHFE aluminium stocks rose to a new record high last Friday, gaining 0.5% week-on-week to 846,913 tonnes. So far this year, SHFE inventory has already increased 12.3% or 92,780 tonnes, despite the government’s continuing supply-side reforms and winter production cuts to control air pollution.

China to continue to cut aluminium capacity this year

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