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Aluminum January 02, 2024 07:00:37 PM

Aluminum Gains As The Qinghai Quake Disrupts Power Management, Affecting Supply

Paul Ploumis
ScrapMonster Author
Technically, the market observed short-covering, with open interest remaining unchanged at 5057.
Aluminum Gains As The Qinghai Quake Disrupts Power Management, Affecting Supply

SEATTLE (Scrap Monster): Aluminium recorded a modest gain of 0.07%, settling at 212.1, with a potential impact on supply as Qinghai Province implemented power load management due to earthquake relief efforts. The move could potentially affect aluminium supply chains in the region. Meanwhile, LME registered warehouses reported a significant increase in inventories, reaching fresh highs this week. Aluminium stocks surged by 42,400 metric tons to 551,050 over the past two days, marking the highest level since June 19 and reflecting excess supply conditions. 

The inventories have risen by 24% in the last two weeks. In China, the interim report on the 14th five-year plan emphasizes the nation's commitment to enhancing domestic demand for economic recovery and stable growth. China also aims to accelerate reforms to expand the middle-income bracket, deepen market-oriented reforms, and prevent and resolve risks in key areas. Following the earthquake in Gansu province on December 18, Qinghai province, a major aluminium production hub, initiated emergency measures to ensure power supply and load management for earthquake relief. Although there were concerns about potential disruptions, data indicates that smelters in the province are operating normally, as the local power supply shortage is not severe. 

Technically, the market observed short-covering, with open interest remaining unchanged at 5057. Aluminium's support is identified at 211.3, with a potential test of 210.5 below this level. Resistance is expected at 212.8, and a move above could lead to a test of 213.5.

 Courtesy: www.investing.com

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