SMM Aluminum Market Morning Comment (Mar 26)

Published: Mar 26, 2024 09:49

Source: SMM

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Overnight, the most-traded SHFE 2405 aluminum contract opened at 19,490 yuan/mt, with its lowest and highest at 19,485 yuan/mt and 19,625 yuan/mt before closing at 19,590 yuan/mt, up 135 yuan/mt or 0.69%. LME aluminum opened at $2,305/mt in the previous trading day, with its high and low at $2,331/mt and $2,294/mt respectively before closing at $2,326.5/mt, up $17.5/mt or 0.76%.

Summary: On the macro front, the conflict between Russia and Ukraine drove up the price of gold and brought great uncertainty to the future situation. Fundamentally, imports of primary aluminum are still at a high level, and the drought in Yunnan will not disturb aluminum production resumption in the short term. The arrival of the traditional peak season boosted downstream operating rate. Boosted by positive fundamentals and macro front, aluminum prices may swing on a strong note.

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