Shanghai Metals Market found further downfall, although slower, in Chinese primary aluminium ingots inventories over the past three-day Dragon Boat Festival holiday. According to the data, the inventories across eight major consumption areas, including SHFE warrants, decreased 4,000 tonnes from last Wednesday, June 24, to stand at 718,000 tonnes, as of Monday, June 29.
Last week, on June 24, the primary aluminium stocks had shrunk 32,000 tonnes week-on-week to come in at 722,000 tonnes.
{alcircleadd}The chart below indicates the current status of primary aluminium inventories across China in more details:
Since the decline in primary aluminium ingots inventories has not touched upon all the major Chinese markets today, the stocks in Gongyi and Hangzhou have increased by 4,000 tonnes and 1,000 tonnes, respectively, to stand at 43,000 tonnes and 103,000 tonnes. In Linyi, the stocks have remained restrained at 9,000 tonnes. In Wuxi and Shanghai, the inventories have plunged by 3,000 tonnes to clock at 238,000 tonnes and 110,000 tonnes, while that in Nanhai, Tianjin, and Chongqing have inched down by 1,000 tonnes to come in at 154,000 tonnes, 57,000 tonnes, and 4,000 tonnes, respectively.
On the continued downfall in inventories on increased trading, the price of A00 aluminium ingot has recorded a hike of RMB 80 per tonne to stand at RMB 14,090 per tonne, as of June 29.
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