Primary aluminium inventories fell 32,000 mt on week

[China's Aluminum Inventory Pullback, Multiple Factors in Play, Aluminum Prices Drift Higher] Overall, recently the macro front has improved, the US Fed's near-term hold on rate hikes has eased the marginal constraint on the non-ferrous metals sector, and China's proportion of liquid aluminum continues to rise while aluminum inventory destocking has resumed, together underpinning aluminum prices. However, the continuous rollout of long-term aluminum capacity outside China, weak traditional end-use demand in China during the off-season, and the recent easing of geopolitical tensions in the Middle East are putting some upward pressure on aluminum prices. It is expected that aluminum prices will maintain a trend of consolidating on a strong note.

[SMM Snapshot] Les données de la SHFE montrent qu'au 5 août, le total des warrants enregistrés pour l'alliage d'aluminium coulé s'élevait à 17 374 t, en baisse de 59 t par rapport au jour de cotation précédent. Parmi ceux-ci, Shanghai enregistrait 1 506 t, inchangé; Guangdong, 1 342 t, en baisse de 88 t; Jiangsu, 3 806 t, inchangé; Zhejiang, 6 961 t, en hausse de 29 t; Chongqing, 2 974 t, inchangé; et Sichuan, 785 t, inchangé.