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Home / Metal News / SHFE Aluminium Slumps on Banking Crisis Triggered by SVB Collapse, But then Rebounds Thanks to Bullish Fundamentals

SHFE Aluminium Slumps on Banking Crisis Triggered by SVB Collapse, But then Rebounds Thanks to Bullish Fundamentals

Mar 27, 2023 15:16

Source:SMM

SHANGHAI, Mar 27 (SMM) – After opening at 18,200 yuan/mt last Monday, the most-traded SHFE 2305 aluminium contract sank to 17,920 yuan/mt due to banking crisis triggered by the collapse of Silicon Valley Bank and risk aversion before the US Fed’s interest rate decision.

SHANGHAI, Mar 27 (SMM) – After opening at 18,200 yuan/mt last Monday, the most-traded SHFE 2305 aluminium contract sank to 17,920 yuan/mt due to banking crisis triggered by the collapse of Silicon Valley Bank and risk aversion before the US Fed’s interest rate decision. Subsequently, the contract rebounded to 18,520 yuan/mt on the back of positive fundamentals before closing at 18,470 yuan/mt as of CST 15:00 on Friday, up 240 yuan/mt or 1.32% on the week.

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