SHANGHAI, May 29 (SMM) - The most-traded SHFE 2307 aluminium contract opened at 18,110 yuan/mt at last Friday’s night session, with its low and high at 18,060 yuan/mt and 18,180 yuan/mt before closing at 18,155 yuan/mt, up 295 yuan/mt or 1.65%.
LME aluminium opened at $2,219/mt last Friday, with its low and high at $2,209/mt and $2,265/mt respectively before closing at $2,243/mt, up $29/mt or 1.31%.
On the macro front, the simplified version of the US debt ceiling agreement was initially formed. In addition, the US GDP and employment data in the first quarter showed that the US economy was relatively resilient, thus macro sentiment improved.
Low aluminium ingot inventory and little hope of smelters in Yunnan resuming production soon will support aluminium prices. However, poor consumption in the off-season will keep aluminium prices in check.
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