World aluminium market in surplus
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The world aluminium market was in a surplus of 784,000 tonnes during the first five months of 2008, the World Bureau of Metal Statistics said. This compares with a surplus of 179,000 tonnes registered in the first five months of 2007 and a total surplus for 2007 of 583,000 tonnes. Demand for primary aluminium was 15.69 million tonnes, 606,000 tonnes more than the equivalent total for January to May 2007. Production rose by 1.211 million tonnes to 16.48 million tonnes during the same period. Total stocks at the end of May stood at just over 3.31 million tonnes, equivalent to just over 32 days' demand, WBMS said. Total stocks held in the four exchanges in London, Shanghai, US and Tokyo rose by 102,000 tonnes in May to 1.276 million tonnes. No allowance is made in the consumption calculation for unreported stock changes.
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Source : Business Line |
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