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June 21, 2017

Negative Factors Simmering behind Aluminum Rally, SMM Warns

Negative Factors Simmering behind Aluminum Rally, SMM Warns

10:27 AM(GMT +8 latest company news about Negative Factors Simmering behind Aluminum Rally, SMM Warns  0)
 
 

SHANGHAI, Jun. 21 (SMM) – Aluminum prices have made a strong comeback over the past two days, but this is no time to cheer up since negative factors are simmering, SMM warns.

Aluminum stocks did not fall sharply during this year’s traditional peak-demand season because of growing supply.

As of June 19, aluminum ingot stocks in domestic five major markets (Shanghai, Wuxi, Nanhai, Hangzhou and Gongyi) totaled 1.19 million tonnes, down 11,000 tonnes from June 15, according to SMM statistics. The figure, though down, is still high, and the decline is small.

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The demand side will not offer support to prices, either.

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SMM learned orders at downstream producers have fallen in June with onset of the off-season.

Moreover, some aluminum smelters are beginning to restart idled capacity recently, with total restarts close to 500,000 tonnes, which will add to downward pressure on prices.

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