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Aluminum Corp. of China, the nation"s largest producer of the metal, said a price recovery for the lightweight metal will lag behind other base metals because of high inventories.
The company"s chairman, Xiong Weiping, said:
"Rekindled demand from the auto and building materials industries has yet to have an obvious impact on the aluminum market".
"The aluminum recovery has not been as rapid as copper because aluminum inventories are still high," Xiong said. "Demand from the building and auto industries would only have an effect later."
Aluminum inventories monitored by the London Metal Exchange increased four-fold in the past year to a record 4.6 million metric tons. Aluminum futures in Shanghai have gained 20 percent this year, whereas copper prices gained 83 percent.
Aluminum yesterday rose 1 percent over the previous day on the Shanghai exchange, to 13,965 yuan, while copper rose 1.6%, to 43,670 yuans per metric ton.
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