LME copper inventories soared by 18,750 tonnes or 8.9 per cent to 229,375 tonnes on Aug. 22, the biggest increase since Jul. 6. The surge triggered
market worries over copper consumption.
China Aluminum International Trading Co. (Chalco Trading) further cut aluminum prices it offered in major markets today, it said on its WeChat.
Aluminum production in China will grow further in August due to release of new and restarted capacity, SMM expects.
The Aluminum Association has not given up on the U.S. reaching a binding bilateral deal with China to reduce aluminum overcapacity, but the group is
also holding out the option of pursuing anti-dumping or countervailing duty cases if market conditions fail to improve.
LME lead will narrowly range USD 1,835-1,855/mt during Asian trading hours Tuesday.
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