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MYMETAL: China’s Al stocks reverse down, price up

By July 27, primary aluminum ingot stocks in the warehouses of the Shanghai Futures Exchange (SHFE) and 16 Chinese cities reversed down by 10,000 tonnes or 1.4% on week to 688,000 tonnes after two weeks of increases, according to the weekly report by Mymetal, though market sources rebutted the suggestion that a turning point for better demand had been reached.
“The last few days of each month are always the time for China’saluminum fabricators and processors with long-term contractswith aluminum producers to replenish their stocks, so lower stocks do not necessarily meant that spot demand is recovering,”commented a Shanghai-based market analyst. The decline in aluminum ingot stocks, nevertheless, did lend support

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