Aluminum stock declined by almost 145,950 MT in the last twenty five out of twenty six trading session and also the cancelled warrants for the commodity continues to remain at high above the 46% mark as a percentage of delivery which might protect the commodity from a sharp fall during the day.
--For the entire week we expect aluminum to finish higher on the news that major aluminum producers are cutting down production. Further the major aluminum producer Rusal expects commodity premiums might rise further by 50% over the next quarter. It added, supply of aluminum which could increase in the wake of changes in LME warehouse rules might get shifted to off-exchange warehouses thereby creating further supply tightness in the commodity.
--During the day aluminum might decline slightly on the news that China's industrial bank has restricted lending to the property sector. However despite this negative development we are maintaining our positive outlook on the commodity due to the above factors of declining inventories and higher cancelled warrants along with the news that major aluminum producers cutting down production and Rusal expecting the physical premiums of Aluminum to rise further by 50% from the current levels.
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Aluminum: Outlook positive
Published 02/24/2014, 04:16 AM
Updated 05/14/2017, 06:45 AM
Aluminum: Outlook positive
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