SHANGHAI, November 16(SMM) –The most-traded SHFE 2312 aluminum contract opened at 19030 yuan/mt at Wednesday’s night session, with its low and high at 18915 yuan/mt and 19030 yuan/mt before closing at 18955 yuan/mt, down 40 yuan/mt, or 0.21%. LME aluminum opened at $2222.5/mt in the previous trading day, with its low and high at $2221/mt and $2238.5/mt respectively before closing at $2235/mt, up $11/mt or 0.49%.
From a macro perspective, the recently released Chinese social finance data and US CPI data continue to boost market confidence. In terms of fundamentals, Yunnan's production reduction coincides with the arrival of the off-season, and both supply and demand are reduced. The reduction on the demand side still needs to be observed. SHFE aluminum may maintain a sideways trend in the short term, and we need to pay close attention to the weakening pace of demand and cost changes caused by raw materials.
From a macro perspective, the recently released Chinese social finance data and US CPI data continue to boost market confidence. In terms of fundamentals, Yunnan's production reduction coincides with the arrival of the off-season, and both supply and demand are reduced. The reduction on the demand side still needs to be observed. SHFE aluminum may maintain a sideways trend in the short term, and we need to pay close attention to the weakening pace of demand and cost changes caused by raw materials.
