Aluminium Gained Tracking LME Prices Ended Up 0.9 Percent


Aluminium gained tracking LME prices ended up 0.9 percent at $1,891 a tonne as support seen after China might cut aluminum production by as much as 1-1.5 million tonnes during winter heating season. China’s crackdowns on illegal aluminum capacity will affect capacity by 3-8 million tonnes. Russian aluminium giant Rusal posted higher first-quarter recurring net profit on Friday amid stronger aluminium prices and said it was preparing to resume construction of its aluminium smelter in Siberia.

Aluminum consumption in China will grow 7-10% this year and the next and aluminum capacity in China will climb to 45 million tonnes by 2020. Global aluminum market deficit will expand to 1.1 million tonnes in 2017 from 0.7 million tonnes in 2016 since demand will grow faster than supply, Rusal said in its latest quarterly report. The aluminum giant expects global aluminum supply to increase 4.3% to 61.6 million tonnes this year and global aluminum demand to rise 5.0% to 62.7 million tonnes.

Aluminum supply in China will grow 6% to 34.3 million tonnes in 2017, while demand in China will rise 6.7% to 33.5 million tonnes, according to the report. Global demand for aluminium continued to grow in the first quarter of 2017, led by the transportation sector, while supply is expected to tighten in the second half. Rusal estimated demand grew 5.5 percent year on year to 15 million tonnes in the first quarter. 

Over the same period, global supply was up 7.8 percent to 14.9 mln tonnes, signalling a market roughly in balance. Technically now Aluminium is getting support at 120.7 and below same could see a test of 120.2 level, And resistance is now likely to be seen at 121.6, a move above could see prices testing 122.

For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
✆ - 0731-6626222 | Toll Free - 1800-3010-2007 
Give a Missed Call for Free Trial - 09699997717 


SHARE

Suhani Verma

  • Image
  • Image
  • Image
    Blogger Comment
    Facebook Comment

0 comments: