Aluminium declined by 1.3% on London Metal Exchange as the technical selling coupled with bearish economic data heightened the pressure. LME three month forwards was last seen trading at $ 2081 per tonne, down 1.3% from last night. Markets were already jostling with the news that China might introduce new measures for controlling the bubble in its property market, when the news of Federal Reserve rethinking on stimulus measures hit the turf. The Dollar recovered sharply by 0.16% to 1.3262 against the Euro.
In a separate report, World Bureau of Metal Statistics (WBMS) has said that the primary aluminium surplus was 419400 tonnes in 2012. In the year 2011, the total surplus was 1.88 million tonnes. Primary Aluminium demand was 45.75 million tonnes, up 2.91 million tonnes in 2011.
Refined Aluminium production was 1.447 million tonnes or 3.2% higher in 2012. China production was estimated at 20.26 million tonnes in 2012, this was 44% of the total world production of Aluminium. The demand from China was 15% higher than 2011. Production in EU27 declined by 19% in 2012 while demand was 7.7% below 2011. In December, Primary Aluminium production was 3.94 million tonnes.
Source by Commodity Insights
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