SMM Morning Comment For Aluminium Market On September 19

SHANGHAI, Sep 19 (SMM) – Overnight, the most-traded SHFE 2310 aluminum contract opened at 19,285 yuan/mt, with its lowest and highest at 19,195 yuan/mt and 19,320 yuan/mt before closing at 19,315 yuan/mt, up 120 yuan/mt or 0.63% compared with the previous trading day. LME aluminum opened at $2,192.5/mt on Monday, with its high and low at $2,222.5/mt and $2,185/mt respectively before closing at $2,217/mt, an increase of $21/mt or 0.96%. On the macro front, the Federal Reserve, the Bank of England and the Bank of Japan will announce interest rate decisions this week, and the market expects the Fed meeting on September 20 to remain on hold again. On a fundamental level, the growth rate of domestic aluminum supply is decelerating, import window is open, and the market's overseas aluminum ingot supply is on the rise. In addition, due to no obvious improvement in downstream operating rate during the peak season, both aluminum ingots and aluminum billet faced inventory accumulation this week. Short-term low inventory and low warehouse receipts will support aluminum prices, though. SHFE aluminum contract is anticipated to oscillate at a high level.