Aluminum Price Continued Slide Down, Traders Hoard Goods for Profits

(China Aluminum Network) Some banks and traders started hoard goods for profits in the time of aluminum price dropped sharply.

According to banks and traders that in recent weeks a lot of banks has purchased large quantity of aluminum metals and hedge fund also paid attention to this trade timely.

At present, aluminum price in LME dropped below 2,000 usd/ton since weak market demand, especially in Europe dropped to 1,975 usd/ton on Thursday. David Wilson said demand has weakened obviously and some hedge funds already started to investment as well as other non-Eurobanks. Last week, aluminum inventories increased 280 thousand tons reached to 4,800 thousand tons has created the record high. According to the dealers and analysts in LME, aluminum inventories may reaches 12,000 thousand tons.

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