Futures contracts of aluminium fell on the MCX for the third consecutive day in line with the benchmark three-month contract on the LME as concerns of oversupply from China continued. China’s aluminium production was at 2.93 mln tn in June, up 7.4% on year, according to the data released by the National Bureau of Statistics of China. Aluminium prices were also weighed down by the increasing stock level in the past few days at warehouses monitored by the Shanghai Futures Exchange. Although China has said it would take measures to reduce the glut, projects to increase production of aluminium in other countries may weigh on the metal.
Source : Newswire
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