World Aluminium Production Needs To Be Controlled- UC Rusal

Aluminium.....

UC Rusal, which is the largest producer of Aluminium, is worried on the heavy rise in production in the world. The company's director has said that atleast 1.5 million tonnes of the Aluminium production must be removed to control the heavy rise of inventories in the warehouses.
Aluminium was benefitting from the financial deals that were reducing the supplies in the markets. But this has resulted in huge pile up of inventories in the LME warehouses that are now at 5205900 tonnes till 10 April 2013.
UC Rusal Director Oleg Mukhamedshin said that production cuts were required in order to control the rise in production that is expected to reach 50 million tonnes in 2013. Major Aluminium producers are already on a spree to cut production of Aluminium to stabilize the prices.
UC Rusal is planning to slash 300000 tonnes of production in 2013. Another Aluminium major ALCOA chopped the annual production of Aluminium by 531000 tonnes, or 12 percent.
LME three month Aluminium prices were down by $ 4 per tonne to $ 1908.5 per tonne. Aluminum was trading at Rs 102.9 per kg, unchanged from last night. The prices are Resisted at Rs 103.3 and 103.5 per kg.
Source by Commodity Insights