SHANGHAI, Feb 14 (SMM) – China’s aluminium inventory after Chinese New Year may continue to go up to 2.1 million mt and the price of the lightweight metal is set to trade in a wider range, SMM believes.
Earlier this week, SMM data showed that the country’s aluminium inventory hit a record high at 1.81 million mt due to weak consumption ahead of the week-long holiday. We believe the increase has been seasonal, and this has contributed to the decline in SHFE aluminium prices since the start of the year.
While fundamentally there is more bullishness in the overseas market than in the Chinese domestic market, increasing aluminium exports from China last month may create uncertainties over the destocking process.
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