China’s primary aluminium inventories build-up 24,000 tonnes over the extended weekend: SMM
According to the Shanghai Metals Market, social inventories of primary aluminium across China’s eight major consumption areas, including SHFE warrants, accumulated 24,000 tonnes over the extended weekend ending Tuesday, September 13. Thus, as per the data, the inventories have totalled 696,000 tonnes, up by 15,000 tonnes week-on-week from 681,000 tonnes.
The increase in inventories over the weekend was mainly contributed by Wuxi, Nanhai, and Gongyi, as cargoes arrivals rose during the holidays, while the pickup slowed down. The chart below indicates the current status of inventories across China in more details:
In Nanhai and Wuxi, primary aluminium inventories built-up by 7,000 tonnes and 5,000 tonnes, respectively, to stand at 173,000 tonnes and 217,000 tonnes as of September 13, found SMM. Gongyi saw the highest growth of 10,000 tonnes over the weekend, arriving at 104,000 tonnes.
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In Shanghai and Hangzhou, primary aluminium inventories inched up by 2,000 tonnes and 1,000 tonnes to hover around 39,000 tonnes and 65,000 tonnes, respectively. Meanwhile, inventories in Chongqing dropped by 1,000 tonnes to 5,000 tonnes, while that in Tianjin and Linyi remained restrained at 76,000 tonnes and 17,000 tonnes.
LME benchmark aluminium price grows by US$8.5/t to US$2288.5/t; SHFE collects US$9/t
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