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March 2019 | Aluminium Weekly Market Tracker


LME aluminium price down 1.8% week-on-week: Market Summary and Analysis


During the annual National People's Congress, China Premier Li Keqiang announced the country would cut its value-added tax (VAT) rate for most industries to 13% from 16% currently.

LME aluminium price down 1.8% week-on-week
The weekly average LME aluminium cash price was $1,852.6 per tonne last week, down 1.8% from the previous week's $1,887.6 per tonne, on the back of weaker Chinese trade data and continued strength in the dollar index. Aluminium continued to trade lower on Monday this week, although the dollar index has pulled back from multi-month highs due to the Friday's weaker than expected US employment report - total nonfarm payroll employment increased by only 20k in February, compared with the expectation of 180k.

Beijing will take measures to stimulate domestic demand

During the annual National People's Congress, China Premier Li Keqiang announced the country would cut its value-added tax (VAT) rate for most industries to 13% from 16% currently. These are the measures that are intended to stimulate domestic demand this year, in addition to the increases in funding...

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