Aluminium to seek support

Aluminium price of last week fell to 2600 dollars which was discouraged by the large volume stock and oversupply market.

The weak LME aluminium price impacted the domestic market, which fell below 17000 yuan last Wednesday.

Russia reduced aluminium export to 2100000T by 7% from January to July year-on-year.

America cut aluminium import by 20.3% in July on a month-to-month basis, up 2.3% on a year-to-year basis.

Aluminium stock change

LME Aluminium stock of last week increased 11575T to 1184650T, which is hard to digest and therefore, is going to constrain aluminium price.

LME aluminium spot B/C

September 11, LME 3 months spot aluminium B-45, which is going to continue resulted from weak consumption.

Spot aluminium price in domestic market

September 11, 2008, spot price of aluminium in east China was 17000 yuan/ton, south China 17000 yuan/ton and southwest China 17000 yuan/ton, too. Weak demand on downstream aluminium discouraged the spot price.

Ratio of Shanghai/LME aluminium price

September 11, 2008, ratio of Shanghai/LME 3 months aluminium price was 6.36, 2 months futures aluminium 6.30, month aluminium 6.41.

Position of out futures aluminium

Position of LME futures aluminium of last week reduced 7827 to 688650.

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