Auminum Prices Have Climbed Above 18,400 Yuan/Mt, But Further Rise Depends On Whether Fundamentals Can Improve

SHANGHAI, Jun 2 (SMM) – The most-traded SHFE 2307 aluminium contract opened at 18,305 yuan/mt overnight, with its low and high at 18,240 yuan/mt and 18,480 yuan/mt before closing at 18,410 yuan/mt, up 240 yuan/mt or 1.32%. LME aluminium opened at $2,243.5/mt on Thursday, with its low and high at $2,233.5/mt and $2,292.5/mt respectively before closing at $2,270/mt, up $23/mt or 1.02%.

On the macro level, although Biden and McCarthy have reached an agreement on the debt ceiling issue, the plan still needs to be passed by Congress. At present, many Republican lawmakers have raised objections, and the x-date is gradually approaching. PCE data shows that US prices are still firm. The Fed is expected to raise interest rates in June. Auminum ingot social inventories continued to fall. Auminum prices have climbed above 18,400 yuan/mt, but further rise depends on whether fundamentals can improve.

More popular news

Key Takeaway from SMM 2023 Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel and Stainless Steel Market Outlook 2023-2027 and Indonesia’s Critical Role in Attracting Chinese Investment 

ANZ Bank Is Bearish Towards Iron Ore Prices, Citing Four Key Negative Developments In China

One Of China's Top Two Lithium Giant To Expand Capacity Aggressively As It Bets On Nev And Energy Storage Markets In The Long Run, Despite Cyclical Downturn Of Lithium Carbonate Prices

South China Battles Power Crisis, The Worst This Year

BHP Looking To Further Expand Iron Ore Production In Western Australia, Which Has Already Exceeded Initial Target