Aluminium Face the Worst Week Because of China’s Increasing Capacity
Reuters report that LME aluminium appears rise trend on Friday and the aluminium is on the nagative situation since May 2016 from Monday. The decline is primarily motivated by growing aluminium capacity in China in spite of the output cut plans and execution.
ETF Securitis’s Nitesh Shah said, “In China, it looks like the actual policy translation is not as strong as initially expectation .” He also said that casting machine were not decreasing as much capacity as primitively expected. The market is concern about the obvious futility of the output cut project in China looking at the increasing output.
LME bid price was at USD 2,081 and offer price was at USD 2,090 on Nov 15.The world’s largest producer of aluminium is expected to reduce milions of tonnes of aluminium output during the winter to fight air pollution which made aluminium prices grow faster in 2017.
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