SHANGHAI, Jul 7 (SMM) – SMM data showed aluminium ingot social stocks in China’s eight major markets totalled 525,000 mt as of July 6, up 19,000 mt from July 3 and 3,000 mt from a week ago, but 198,000 mt less than a year ago. Increased cargo arrivals led to inventory accumulation, but the inventories are still near a five-year low compared to the same period of previous years. Smelters have produced more ingots instead of liquid aluminium recently in response to changing market situation. Meanwhile, downstream consumption is in the off season. Therefore, stocks are at risk of building up further for the rest of July. With more cargoes arriving, spot premiums in many regions fell back rapidly. Slack demand led to bearish sentiment.
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