Aluminium Ingot Inventory Dropped to 874,000 mt, Led by Wuxi

SHANGHAI, Jun 6 (SMM) - The aluminium ingot social inventories across China’s eight major markets totalled 874,000 mt as of June 6, down 8,000 mt from last Thursday. The collateral scandal triggered pandemic-induced cargo pick-up from warehouses last week, with the weekly shipments out of warehouses rising to 188,000 mt, a new high for this year. The overall inventory decline was led by a drop of 20,000 mt in Wuxi. Inventory in Gongyi rose slightly due to arrivals during the Dragon Boat Festival. Inventory in Foshan was little changed as some local warehouses suspended operations in the wake of collateral scandal. Considering that certain amounts of cargoes will arrive in Gongyi this week and next week, the total inventory may fall at a slower pace.