MYMETAL: Stocks slide lifts China Al price to 9-year high
Dec 01, 2020 17:00
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Prices of primary aluminium in China’s domestic market skyrocketed to a nine-year high by the end of last week as the stocks of primary ingots in the spot market dipped further, indicating a relatively tight supply and demand balance, according to the latest weekly survey by Mymetal, Mysteel’s nonferrous metals data collection arm.
Mymetal’s latest survey showed that over November 24-30, total aluminum stocks at Shanghai Futures Exchange-registered warehouses and in 13 cities nationwide reversed down by 21,000 tonnes or 3.4% on week to reach 597,000 tonnes as of November 30, a new low since early January. The stocks had inched up in