Aluminium Ingot Social Inventory Begin to Accumulate After Continuous Fall

SHANGHAI, Dec 26 (SMM) - The aluminium ingot social inventories across China’s eight major markets stood at 484,000 mt as of December 26, up 9,000 mt from last Thursday. However, the figure was 32,000 mt lower than the end of November and 356,000 mt less than the same period last year. Some cargoes arrived, putting a brake on the destocking process. Inventory in Wuxi added 14,000 mt to 103,000 mt due to cargo arrivals and weaker demand. Inventory in Gongyi rose slightly. Inventory in Foshan extended decline due to fewer arrivals. Moreover, output cuts in Guizhou and Yunnan affected shipments to Foshan. Some downstream producers are planning to shut down in early January for the upcoming Chinese New Year. Trading activities will gradually decline. The social inventory may enter an upward trend before the Chinese New Year.