Chinese Imports Of Aluminium Turn Down In February

In its latest released report of imports Chinese General Administration of Customs said that the imports of unwrought Aluminium and Aluminium products decreased by 34% on an M-O-M basis.

This can act as a negative trigger for the prices at the time when technically it is at breakouts above Rs 102.50 in local futures markets.

China is a major consumer of Aluminium and the decline on monthly basis will be affecting the prices of Aluminium in coming days. China imported 64356 tonnes of unwrought Aluminium, including Aluminium products in February 2010.

This marks a fall of 34% from the imports in January 2010 which stood at 97633 tonnes.

On a cumulative basis the imports of Jan-Feb 2010 were 161989 tonnes as against at 116422 tonnes for the corresponding period previous year. On cumulative basis the Copper imports were up 39%.

The prices are expected to remain under stress in today's trades, however recovery in EURO if any might subtract the losses.

March expiry contract of Aluminium closed at Rs 101.95 per kg and is unchanged as of now in the opening trades.

LME Aluminium three month buying contract was at $2227.50 per tonne at the time of close, marking a fall of $ 26 from Monday.

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