Aluminium inventories held in Shanghai Futures Exchange-approved warehouses fell 6% week on week, as of Friday July 26, on better-than-expected downstream demand and optimism over the upcoming US-China trade talks scheduled for next week.
Deliverable aluminium stocks at SHFE-approved warehouse dropped 25,622 tonnes to 396,400 tonnes in the week to July 26. The largest aluminium decline over the week was registered at Minmetals Wuxi in Jiangsu, which had 12,575 tonnes of the metal leave the warehouse. The huge reduction in SHFE aluminium inventories was ascribed to better-than-expected downstream demand in China and improved business sentiment due to the...