BEIJING: Shanghai aluminium fell to a 17-month low on Friday and was on track to end the quarter with its steepest quarterly drop since mid-2010 following a relentless build-up in Chinese inventories.
The metal has declined 10.7 percent in the first three months of the year after an 8.7 percent drop in the previous quarter, when underwhelming winter supply cuts in top producer China took the steam out of an earlier rally.
Deliverable Shanghai Futures Exchange (ShFE) aluminium stocks are at a record high of nearly 1 million tonnes, while US tariffs on Chinese aluminium and the prospect of a trade war between the two countries has also hit sentiment.
The London Metal Exchange is closed on Friday and Monday for the Easter holiday. On Thursday, London aluminium hit a near eight-month low, closing just above $2,000 a tonne.
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