| Chinese aluminum market oversupply |
| Date: 2008-12-09 Click: 821 |
Citigroup (Citigroup) report from the Chinese producers and consumers, do not have much of the current aluminum market fundamentals are favorable. Citigroup forecast for Chinese aluminum inventories 1,200,000 tons, including Shanghai Futures Exchange to about 200,000 tons, and said most of the ever-increasing stock exchange is not. The investment bank said, "Chinese aluminum stocks during the past six months has doubled the manufacturer as a result of the closure of factories led to reduced orders for aluminum, and financing more difficult." In addition, the smelter still under production, as a result of lower-cost electricity and alumina; at the same time there are about 4,000,000 tons of additional capacity is in idle state to start or not. As of 0510GMT, LME three-month aluminum contract reported to 1731 U.S. dollars per ton higher than the previous site was down 1 U.S. dollars is currently traded hands 186. |
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