China’s Backing Boosts Aluminium Prices: Demand Weakness Challenges Market

China’s Support Counters Weak Demand, Shapes Aluminium Market Dynamics

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A remarkable development emerged as the discount on aluminium for immediate delivery, compared to the three-month contract on the London Metal Exchange (LME)

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Referred to as contango, the discount for immediate aluminium against the three-month contract surged to $52 per metric tonne during last Monday’s market closure

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During the first half of 2023, the International Aluminium Institute reported a 1.8% year-on-year surge in global primary aluminium production. Largely attributed to elevated production in China.

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In the ever-evolving aluminium market, China’s backing serves as a counterbalance to demand challenges, shaping the trajectory of this vital industry.

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