Inventory levels of Aluminum showed a downfall in data released by London Metal Exchange. The stockpiles of Aluminum were down by 4900 tonnes on Monday to 4550075 tonnes as against 4554975 tonnes on Friday. A falling inventories trend has been seen in Aluminum in last three consecutive days.
The expectations of the market however are contradictory, Aluminum traders are expecting a sharp jump in LME Aluminum inventories as the orders for 2012 are either getting cancelled or delayed due to uncertain debt related issue in Europe. Although Italy came up with an Austerity plan to support economic policy measures, markets are asking for much more from rest of the region.
Aluminum is consumed in construction and vehicles segment apart from electrical usage. Europe that is a critical consumer of Aluminum has been under trouble offlate due to rising unemployment and bond yields. Inventories of Aluminum have gained 6% since January 2011 when they were at 4274975 tonnes. LME Aluminum three month forwards were down by 1.2% when last seen. The MCX Aluminum futures are trading at INR 108.5 per kilogram down 0.9%.
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