Stocks of primary aluminium registered with the Shanghai Futures Exchange (SHFE) rose by 1,169t to 25,689t in the week to Thursday.
It was the first rise in the headline figure since the middle of March and it looks as if stocks are going to start bottoming out, albeit at a relatively low level.
The way that the stocks build around the time of the Lunar New Year holidays in late February has been worked off since then points to very strong demand—a factor tied in with the country’s super-strong growth in output of semi-manufactured products in the first part of this year.
LME stocks edged lower for the fifth consecutive reporting day with the draw rate helped by a little faster “out” side activity at Trieste, which still holds a massive 17,150t of cancelled tonnage.
Elsewhere, however, fresh cancellations remain very subdued and the overall ratio of cancelled tonnage has started sinking again, now at 4.0%.
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