China Aluminium prices keep a record of a significant leap today after falling continuously for three days. Aluminium price ends on a six-year high today on speculation that the latest stipulate on expanding output capacity will help ease over supply. Aluminium price per tonne on the Nanhai Lingtong Price improve as much as 3 percent on Friday to RMB16,640/Ton.
However, the stock in China is increasing not with standing the rising prices. In response to beating aluminium stocks in Foshan, a local state-owned company has put its reserve storage into use for balance load-in and load-out shipments of the storage and make stocks stable.
In another update, Inner Mongolia Chuangyuan Metal Co. has obtained aluminium capacity swap quota of 207,000 tonnes from Henan Province. The company has also announced its plan to build 800,000 tonnes of aluminium capacity that will come into operations at the end of 2018.
JP Morgan expects China aluminium prices to gain about $100 per tonne in the fourth quarter, noting they have been well supported by collective realization that supply reform is a reality, despite Chinese aluminium inventories more than quadrupling so far this year.
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