SMM Morning Comment For Aluminium Market On September 6

SHANGHAI, Sep 6(SMM) – Overnight, the most-traded SHFE 2310 aluminium contract opened at 18,980 yuan/mt, with the lowest and highest prices at 18,965 yuan/mt and 19,080 yuan/mt before closing at 18,995 yuan/mt, up 15 yuan/mt or 0.08% from the previous trading day. LME aluminium opened at $2,200.5/mt on Tuesday with its high and low at $2,212/mt and $2,181/mt respectively before closing at $2,192/mt.

On the macro side, domestic favorable policies wield boosting effects on markets significantly. But the vacillating attitude of Europe and the Fed to raise interest rates added to macro uncertainty. In the fundamentals, recent concentrated arrivals of aluminum ingots increased social inventory accumulation, weakening the support for aluminum prices. The short-term aluminum price is expected to move upward, but it is necessary to closely observe the consumption changes in the peak season.