SHANGHAI, Feb 24 (SMM) - The most-traded SHFE 2304 aluminium contract opened at 18,710 yuan/mt overnight before closing at 18,680 yuan/mt, a drop of 185 yuan/mt or 0.99%. LME aluminium opened at $2,415/mt on Thursday and closed at $2,389.5/mt, a decrease of $23.5/mt or 0.97%.
On the supply side, market has gradually digested the impact of production cuts in Yunnan. The inventory of aluminium ingots continued to increase, and the supply in the spot market was relatively abundant. Downstream purchases were poor. On the macro front, data showed that inflation in Europe and the United States remained high, thus expectations for interest rate hikes still existed. The US dollar index rose again, putting pressure on metal prices. Generally speaking, it is currently in the process of transitioning from low season to peak season. Rising inventory, weak downstream buying, as well as expectations for overseas interest rate hikes dragged down aluminium prices. Until there are signs of substantial improvement in consumption, aluminium prices will remain weak.
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