Aluminium On MCX Settled Down -0.68%

Aluminium on MCX settled down -0.68% at 124.45 after touching a five-week high in the previous session, hit by profit taking and by signs that supply is still robust despite worries that Chinese smelters will be forced to shut capacity. Earlier this year, China ordered steel and aluminium producers in 28 cities to slash output during winter as Beijing intensifies its war on smog. Aluminium inventories in warehouses monitored by the Shanghai Futures Exchange rose 1,006 tonnes from last Friday to 433,548, their highest since May 2013, exchange data showed.

The mood in Chinese markets has been cautious ahead of a raft of data expected to show steady growth although government measures to rein in the housing market and debt risks are likely to drag on activity in the next few quarters. The Henan provincial government recently issued a notice to guide three local aluminum smelters to dismantle main facilities, such as electrolytic cells and transformers, for aluminum capacity that has been offline for more than one year before the end of 2018.

Aluminum ingot stocks in China’s five major markets grew as much as 20,000 tonnes as of July 6 compared with a week ago. Total stocks in these five regions were 1.22 million tonnes, including 264,000 tonnes in Shanghai, 490,000 tonnes in Wuxi, 89,000 tonnes in Hangzhou, 79,000 tonnes in Gongyi and 296,000 tonnes in Nanhai.

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Suhani Verma

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