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

Published: Jun 2, 2023 09:41

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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.

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