SHANGHAI, Jun 16 (SMM) – Overnight, the most-traded SHFE 2307 aluminium contract opened at 18,535 yuan/mt, and closed at 18,465 yuan/mt, with its low of 18,395 yuan/mt, down 65 yuan/mt or 0.35%.
LME aluminium opened at $2,250.5/mt on Thursday, with its low and high at $2,216/mt and $2,254.5/mt respectively before closing at $2,250/mt, a dip of $4/mt or 0.18%.
On the macro front, the domestic real estate and industrial data released yesterday still pointed to decline. Europe has raised interest rates again. On fundamentals, water levels in Yunnan Province has increased, and local smelters may enter the stage of resumption of production in the near future. However, considering the short rainy season and the long process of production resumption, it is difficult to contribute much to production in the short term. The oversupply pressure will mainly be seen in the third quarter. In the medium and long term, the expected supply increase and weak consumption will keep SHFE aluminium in check.
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