Daily SHFE And LME Aluminium Price Review And Forecast

Published: May 24, 2023 09:47

Source: SMM

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The most-traded SHFE 2306 aluminium contract opened at 18,125 yuan/mt overnight, with its low and high at 18,030 yuan/mt and 18,160 yuan/mt before closing at 18,115 yuan/mt, down 30 yuan/mt or 0.17%.

SHANGHAI, May 24 (SMM) - The most-traded SHFE 2306 aluminium contract opened at 18,125 yuan/mt overnight, with its low and high at 18,030 yuan/mt and 18,160 yuan/mt before closing at 18,115 yuan/mt, down 30 yuan/mt or 0.17%.

LME aluminium opened at $2,266/mt on Tuesday, with its low and high at $2,216/mt and $2,270/mt respectively before closing at $2,220/mt, a drop of $43.5/mt or 1.92%.

On the macro level, the debt ceiling negotiations have failed to reach an agreement for now, adding to macro uncertainty. The US Fed swings on whether to raise interest rate or not. Consumption recovery is weaker than expected. Falling prebaked anode and coal prices weakened cost support to aluminium prices. SHFE aluminium may hover around 18,000 yuan/mt in the short term.

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