SHANGHAI, May 26 (SMM) - The most-traded SHFE 2307 aluminium contract opened at 17,750 yuan/mt overnight, with its low and high at 17,575 yuan/mt and 17,920 yuan/mt before closing at 17,765 yuan/mt, up 115 yuan/mt or 0.65%. LME aluminium opened at $2,209/mt on Thursday, with its low and high at $2,193/mt and $2,239/mt respectively before closing at $2,214/mt, up $8/mt or 0.36%.

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. Aluminium ingot inventories in some areas have begun to accumulate. Falling prebaked anode and coal prices weakened cost support to aluminium prices. It remains to be see whether SHFE aluminium will fall below 18,000 yuan/mt in the short term.

More popular news

Goldman Sachs Cuts Copper Price Forecast Amid Slowing Western Manufacturing, But Bank Of America Bets On Higher Copper Prices, Citing A Surge In Demand From China

Key April Chinese Economic Data Are Released, Including Real Estate Investment, Industrial Added Value and Consumer Goods Retail Sales

Sunwoda's "Flash Charge Battery" Can Power Electric Cars 1,000 Kilometres on A Single Charge

China To Actively Expand Domestic Effective Demand And Boost New Energy Vehicle Sales, National Development And Reform Commission Says        

Goldman Sachs, Barclays warn: Fed will not cut interest rates this year

EIA Cuts Brent and WTI Oil Price Forecasts for 2023 as Recession Fears, Inflation and Banking Crisis Overshadow OPEC's Production Cuts

China's National Bureau of Statistics says there is still room for improvement in residents' purchasing power and willingness to spend

UN and IMF Raise Forecasts for China GDP, Regulators Promise Measures to Boost Growth

Asian Buyers Snap up Cheaper Russian Oil, Putting Oil-Producing Countries in the Middle East and West Africa under Huge Pressure

SMM Comment: SHFE and LME Base Metals Mostly Fall, Oil Rise on Supply Jitters after Saudi Arabia Energy Minister Warns He Would Make Short Sellers Suffer, Dollar Falls on US Debt Ceiling Issue

Don't Be Misguided by Soaring China Lithium Carbonate Imports in April on YoY Basis, Import Volumes and Prices both Crashed from March

Chinese Lithium Carbonate Smelters Have Smaller Appetite for Overseas Spodumene Concentrate, April Customs Data Shows

Lithium Carbonate Price Rally Was Not Driven By Robust Demand Recovery

Dollar, Oil, Gold, Base Metals, Ferrous Metals All Go Down, EIA Cuts Oil Price Forecast

SMM Morning Comments (May 23): Base Metals Closed Mostly with Losses on US Macro Headwinds

Balance of M2, M1 and M0 All Rise at the End of April, China’s Central Bank Says

India to become Europe’s top supplier of refined oil products after massive purchases of Russian oil

Goldman Sachs: China will be the only major economy with positive growth this year, bullish bets on new energy vehicles and biotechnology in the long run

CITI Research Lowers Price Forecast for Nickel, Aluminium and Zinc in 2023-2024 But Bets on Higher Copper Prices