Primary aluminium inventories have extended the downfall by 32,000 tonnes over the week ending on Wednesday, June 24, according to Shanghai Metals Market. Data shows the inventories after declining across eight major Chinese consumption areas, including SHFE warrants, have come in at 722,000 tonnes as of today. The reason behind the continued downtrend in inventories this week could be brisk trading ahead of the Dragon Boat Festival holiday from June 25-27.
Last week, on Thursday, June 18, the inventories were at 754,000 tonnes after decreasing by 33,000 tonnes week-on-week.
{alcircleadd}The chart below indicates the current status of primary aluminium inventories across China in more details:
As the above chart shows, the primary aluminium inventories in Shanghai and Nanhai have declined by 25,000 tonnes and 9,000 tonnes over the week to stand at 113,000 tonnes and 155,000 tonnes, respectively. In Hangzhou and Chongqing, the inventories have plunged by 2,000 tonnes to 102,000 tonnes and 5,000 tonnes, while that in Tianjin and Linyi have inched down by 1,000 tonnes to come in at 58,000 tonnes and 9,000 tonnes, according to SMM.
Gongyi and Shanghai, on the other hand, have witnessed a hike in inventories by about 7,000 tonnes and 1,000 tonnes, respectively, to stand at 39,000 tonnes and 113,000 tonnes.
However, despite the brisk transaction and fall in primary aluminium inventories, the price of A00 aluminium ingot has recorded a plunge today, June 24, by RMB 20 per tonne to stand at RMB 14,010 per tonne, found SMM.
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