October 2018 | Aluminium Weekly Market Tracker
Aluminium was the top performer among base metals last week: Market Summary and Analysis
Due to the Golden Week holiday in China, there was no stock movement report from SHFE on Friday, but total LME stocks continue to see drawdowns and holdings ended last week at 966,900 tonnes.
Aluminium was the top performer among base metals last week Aluminium came out as the complex’s top performer due to the surprise move by Hydro¡¯s Alunorte to shut down 100% of its operations - prices went up as much as 4.2% last Wednesday followed by another 3.1% increase the next day. However, there was a correction on Friday amid market skepticism over the likely length of the refinery suspension. And the price correction continued into the start of trading this week after news over the weekend that Hydro will restart 50% of capacity again vindicated the market’s shift to a skeptical stance late last week. LME stocks continue to see drawdowns Due to the Golden Week holiday in China, there was no stock movement report from SHFE on Friday, but total LME stocks continue to see drawdowns and holdings ended last week at 966,900 tonnes. Cancelled warrants remained high at...
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