SHANGHAI, May 25 (SMM) - The most-traded SHFE 2306 aluminium contract opened at 18,080 yuan/mt overnight, with its low and high at 17,790 yuan/mt and 18,080 yuan/mt before closing at 17,915 yuan/mt, up 40 yuan/mt or 0.22%.
LME aluminium opened at $2,225/mt on Wednesday, with its low and high at $2,190/mt and $2,236.5/mt respectively before closing at $2,206/mt, a drop of $13/mt or 0.63%.
On the macro level, the debt ceiling negotiations have failed to reach an agreement for now, adding to macro uncertainty. The US Fed swings on whether to raise interest rate or not. Consumption recovery is weaker than expected. Falling prebaked anode and coal prices weakened cost support to aluminium prices. SHFE aluminium may hover around 18,000 yuan/mt in the short term.
