SHANGHAI, Oct 18(SMM) – Overnight, the most-traded SHFE 2311 aluminum contract opened at 18,820 yuan/mt, with its lowest and highest at 18,885 yuan/mt and 18,790 yuan/mt before closing at 18,880 yuan/mt, up 100 yuan/mt or 0.53% compared with the previous trading day. LME aluminum opened at $2,183.5/mt on Tuesday, with its high and low at $2,186/mt and $2,158.5/mt respectively before closing at $2,177/mt, a decrease of $4/mt or 0.18%.
Overall, external macro news disturbed market. The swinging expectations of short-term interest rate hikes and the intensification of the Palestinian-Israeli conflict added uncertainty to market. Domestic favorable policies continue to be issued, promoting economic recovery. Although social inventories gradually accumulated after the holiday, the total inventory was still at a historical low for the same period, which had not brought much negative effects on aluminum prices. In the medium to long term, aluminum supply and demand may maintain a tight balance, and aluminum prices are expected to fluctuate at high levels, with limited downside space.
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