MYMETAL: China’s Al stocks reverse down, price up
Jul 28, 2020 15:30
See Full-size Table Here
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