SMM Aluminum Market Morning Comment July 18

Overnight, SHFE 2308 aluminum contract opened at 18210 yuan/mt, with low and high at 18130 yuan/mt and 18210 yuan/mt, closing down 0.19% at 18185 yuan/mt.

LME aluminum opened at $2255/mt Monay, with low and high at $2248.5/mt and $2255/mt before closing down 0.33% at $2249.5/mt.

Summary: From the macro perspective, the Fed's interest rate hike slowdown has been basically digested by the market, and the future pace of the Fed's interest rate hike remains to be seen. Fundamentally, domestic aluminum supply is still high, and demand is still sluggish. The high temperature weather in the Southwest has caused market concerns about the power supply in the Southwest. In addition, the cost of aluminum has also rebounded driven by alumina, which has brought some support to aluminum prices. SMM believes that the short-termSHFE aluminum may mainly fluctuate within a narrow range.

More popular news

Exclusive: China's Metals Output in June

National Bureau of Statistics: There is no deflation in the Chinese economy, and prices will gradually return to a reasonable range

China To Restrict Exports Of Critical Chipmaking Metals Gallium And Germanium In Escalated Tech War

Chief Economist At S&P Global Market Intelligence Warns Of US Recession In H2 2023

Daily LME Base Metals Inventory Changes (July 14)

SHFE And LME Aluminium Closed With Gains, High Interest Rates And Months Of Sluggish Consumer Spending Have Raised Concerns About US Economic Outlook, Market Pining Hopes On Stimulus Policies In China

China's June Official Manufacturing PMI Contradicts Caixin PMI