SHANGHAI, Dec. 9 (SMM) – Aluminum prices in China got an immediate boost on Wednesday on swirling rumors that aluminum ingot stockpiling in China has been put on the table.
It is said that major Chinese aluminum smelters have gathered to discuss mattering concerning aluminum stockpiling. Who and how much to stockpile remains in the air, though.
In fact, aluminum supply in China is already beginning to tighten as recent production cuts have pushed down aluminum stocks in east and south China, major consumption hubs. This, together with stockpiling, will continue offering upward momentum to aluminum prices in the near future, SMM expects.
SHFE 1512 aluminum contract closed at 10,390 yuan per tonne as of Wednesday’s noon.
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