Aluminum update - LME Aluminium Inventories Fall By Mr. Yash Sawant, Angel Broking Ltd
Below are Quote on Aluminum update - LME Aluminium Inventories Fall By Mr. Yash Sawant, Research Associate, Angel Broking Ltd.
LME Aluminium Inventories Fall
Since May’21, Aluminium inventories in the London Metal Exchange (LME) have plunged about 10 percent. (LME Aluminium inventory as on 9th June’21 : 1649750 tonnes)
The fall in inventory levels comes soon after China imposed stern energy consumption norms in order tackle the severe pollution problem. After Inner Magnolia, even the Yunnan province which also accounts for about 10 percent of China's Aluminium output has directed the local metal producers to limit their electricity consumption in order to comply with China’s energy consumption targets for 2021.
Even the global Primary Aluminium output in April’21 stood at 5.56 million tonne, down from a revised figure of 5.744 million tonne reported in March’21. Limited output from major Aluminium producer China coupled with plummeting LME Aluminium inventories signal towards a tighter Aluminium market which might be supportive for the prices.
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