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Aluminium outlook positive for 2014, China deciding factor.
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According to Motilal Oswal Commodities in a monthly insight report, aluminium outlook for 2014 appears positive with consumption to grow by 6% as in 2013 but new capacity creation despite shut down of inefficient plants could have a bearing on market. China, the largest consumer and produce of the metal would be a deciding factor for the commodity.
Aluminium prices on the LME jumped to its highest level in eight months, as a series of capacity cutbacks by top producers underpinned the market. Nearly 5.5m tons of vast stockpiles, estimated at more than 10m tons, sit in LME-registered facilities. Outside China, the cuts to capacity are having an effect and the market is now in deficit. But inside China there is a growing surplus.
The capacity cuts will hopefully trim China's supply growth, slowing the buildup of metal that has weighed on global prices.
Source: Aluplanet
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