SHFE Aluminum Went Down Overnight, China Voices Support For Economy

Published: Jul 21, 2023 09:59

Source: SMM

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Overnight July 20, SHFE 2308 aluminum contract opened at 18,315 yuan/mt, the lowest point was 18,205 yuan/mt, the highest point was 18,325 yuan/mt, and it closed at 18,225 yuan/mt, down 50 yuan/mt or 0.27%. LME aluminum opened at $2192 /mt on Thursday, the lowest point was $2190.5 /mt, the highest point was $2222/mt, and it closed at $2193 /mt.

On the macro level, the Chinese government continues to stress efforts to boost the economy, and it is necessary to continue to pay attention to the pace of overseas interest rate hikes. Fundamentally, the domestic market is still in a pattern of oversupply, but the hot weather in the southwest China makes the market concerned about the prospect of power supply in the region. The cost of aluminum rebounded, driven by alumina, which brought some support to aluminum prices. SMM believes that the short-term SHFE aluminum may continue to fluctuate within a narrow range.

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