The recently released production and sales numbers of Automobiles from China has made one thing clear that the market of Aluminium is on a different platform when compared to its peers in base metals space. Imports also showed a marginal improvement for the month of May while exports were down unlike April. Inventories in Shanghai and LME are falling making the markets all the more conducive for buying the metal for long term.
Total car production of China was 7535800 between Jan-May marking a year on year growth of 55.6%. Sales during the same period were up by 53% to 7604100. Inventory of automotives declined in May to 513400, down by 34100. Both passenger and commercial vehicle segment registered decline in inventory levels. Passenger car stockpiles were down by 22300 to 321400, while commercial vehicle inventories were down by 11900 to 192000.
Chinese exports for April were at 73895 tonnes, down 18.12% on M-o-M basis in May. Imports showed a marginal rise by 1.2% to 94487 tonnes.
Last night, LME Aluminium ended at $ 1930 per tonne down $ 13. On MCX, most traded benchmark contract for June expiry is at Rs 90.50 per kg, unchanged from previous day.
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