Trades in Aluminium have been non-volatile this morning. The prices plummeted by almost Rs 6 during last week. Aluminium contract for November expiry is now trading at Rs 86.65 per kg as we write. Supports for the contract are at 85 levels. Delivering additional bearish pressure to aluminum pries is huge buildup in LME aluminum inventories to the tune of 1724400 tons. On Shanghai the inventories are 202156 tonnes, increasing by 3411 tonnes during last week.
The collapse in global car sales in the US and now the EU will shrink demand this year and in 2009 as well to keep Aluminium prices on the knees. September was the worst month since 1993 in US with Auto sales dragging down below a million. A plethora of bad economic news drove a sales decline for every major automaker as total light-vehicle sales tumbled to 964873, down 26.6% compared with September 2007, sales.
U.S. auto sales for October are expected to tumble about 29% to their lowest level in nearly 17 years. October sales are expected to drop 9.4% from September. This is an expectation of one of the renowned online resource for automobile Edmunds. In European Union the car sales fell for the fifth consecutive month in September, the longest stretch since 2005, as higher fuel prices and financial-market turmoil reduced demand. India Auto Sales showed a dip of 6.6% in domestic sales in October. Domestic sales were at 98900 units as against 105877 units in the corresponding period last year.
The collapse in global car sales in the US and now the EU will shrink demand this year and in 2009 as well to keep Aluminium prices on the knees. September was the worst month since 1993 in US with Auto sales dragging down below a million. A plethora of bad economic news drove a sales decline for every major automaker as total light-vehicle sales tumbled to 964873, down 26.6% compared with September 2007, sales.
U.S. auto sales for October are expected to tumble about 29% to their lowest level in nearly 17 years. October sales are expected to drop 9.4% from September. This is an expectation of one of the renowned online resource for automobile Edmunds. In European Union the car sales fell for the fifth consecutive month in September, the longest stretch since 2005, as higher fuel prices and financial-market turmoil reduced demand. India Auto Sales showed a dip of 6.6% in domestic sales in October. Domestic sales were at 98900 units as against 105877 units in the corresponding period last year.
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