Thursday, 13 June 2013

LME Aluminium Falters On Worries of Heavy Stocks

All time high inventories of Aluminium has again become a cause of worry for the metal. Aluminium is used extensively in car bodies and cheaper electricity wiring compared to Copper. However, the prices have fallen for the fifth straight session as the warehousing stocks have started to swell once again.
Inventories of Aluminium increased by 15725 tonnes on Wednesday to 5214150 tonnes. Although this year the inventories have gained by 4100 tonnes but the all time high levels are still restored.
LME Aluminium was trading at $ 1869 per tonne, down $ 12 per tonne. This is a two week low for Aluminium. On MCX, Aluminium benchmark contract was trading at Rs 107.6 per kg. The disparity between Indian and LME exchanges continues after the Rupee regained its sloping journey against the Dollar. Rupee was quoting at 58.45 against the Dollar, down 1.1 percent.

No comments:

Post a Comment