Aluminum demand in July “appears to have grown at a double-digit annual pace for the third month running,” according to David Thurtell, an analyst at Citigroup Inc. in Singapore. He made his comments by e-mail after the International Aluminium Institute today said production averaged 70,200 metric tons a day in July. The output doesn’t include China, the world’s largest producer of the metal.
“Ex-China daily output was virtually at a record in July. Taken with Chinese output and global exchange stocks, and making a guess of IAI stocks, we estimate that ‘apparent demand’ fell from record levels in June but was still the second highest level ever. The market was close to balanced after a deficit in June. Demand appears to have grown at a double-digit annual pace for the third month running.”
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