Shanghai Jinpeng predicts aluminium price in weak

August 22, Shanghai aluminium price fell back after jumped high earlier. For this phenomenon, Shanghai Jinpeng analysts Wang Danna said that the stock constrained lifting of price and that aluminium price would keep in weak.

From distribution of positions of Shanghai Stock Exchange, non-reportable positions of first 20 futures companies increased 769, while reportable positions of the day increased only 231. Aftermarket performance against slashing down of metals is unfavorable. Besides, global largely reduced increase rate of aluminium output in July, which contributed to aluminiu market in later period.   

Data of International Aluminium Institute reveals that, average aluminium output in July slide to 107,680 ton per day, in June 109,430 ton per day. From Jan to Jul 2008, global aluminium output reaches 22683000 tons in general, up 7.1 pct year-on-year, which is 12.5 pct slower than 2007.

In recent period, Shanghai aluminium is relatively stable because of copper-based metal, while the supply is still pressing and large stock constrains lift of aluminium price. Aluminium price at present still keeps in a weak situation.

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