August 06, 2024 08:08 GMT
MNI BRIEF: China Aluminum To Remain Range Bound In August
MNI (Beijing)
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China aluminum prices will remain range bound in August as supply continues to exceed demand during the traditional off-season, a note from Shanghai Metals Market said on Tuesday.
Shanghai Futures Exchange’s most traded aluminum contract declined 5.7% in July to CNY19,000 per metric tonne.
Authorities’ recent stronger support for equipment upgrades and consumer trade-ins would need time to benefit the manufacturing industry, the note said. (SEE: MNI: Beijing Shifts Focus To Consumption To Boost H2 GDP)
Consumption was expected to improve in September as the summer low-season subsides, with Q3 imports forecasted at 120,000 metric tonnes a month, up from 110,000 metric tonnes in June, the note continued.
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