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Growing Inventories Hurt Aluminum Prices

April 28, 2014 at 20:35 by Vladimir Vyun

Aluminum fell today, reaching the lowest level in two weeks, as inventories were expanding. Stockpiles monitored by the London Metal Exchange expanded for the third day to 5.3 million metric tons. It was the longest stretch of growth this year. The International Aluminium Institute reported today that inventories of unwrought aluminum grew from 1.171 million in February to 1.215 million tons in March.

The metal also declined on concerns about slower economic growth in China and uncertainty about the situation in Ukraine. Other industrial metals demonstrated losses today too.

Contract for delivery of aluminum in three months sank 1.3 percent to $1,829 per ton on LME today.

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