EPIC COMMODITY UPDATE 18 JUNE 2013 : ALUMINIUM

**Admin** Tue Jun 18, 2013 1:38 pm

Aluminium yesterday settled down -0.19% at 105.40 as pressure mounted after the release of LME stock which shown aluminum inventories surged 59,600 mt to 5.28 million mt, a new record high. Spot aluminum inventories in China stopped falling following the Chinese Dragon Boat Festival, now holding stable at 1 million mt. Growing oversupply pressure sent LME aluminum below USD 1,850/mt to USD 1,833/mt, the lowest in a month. However, aluminum recouped some of earlier losses as New York Fed manufacturing index in June rose more than expected to 7.84, and finally ended down -0.19% at 105.40. Growing oversupply pressure will drag the light metal down, with LME aluminum stagnant at USD 1,850/mt. Investors are cautious ahead of the US Fed’s policy meeting due June 18-19. An article from Financial Times says that Bernanke might hint tapering off QE3. New York Fed Manufacturing Index for June was 7.84, beating May’s -1.43 and the 0.50 expected.

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