SMM Morning Comment For Aluminium Market On November 17

SHANGHAI, November 17 (SMM) –The most-traded SHFE 2312 aluminum contract opened at 18980 yuan/mt at Thursday’s night session, with its low and high at 18835 yuan/mt and 18980 yuan/mt before closing at 18845 yuan/mt, down 120 yuan/mt, or 0.63%. LME aluminum opened at $2233/mt in the previous trading day, with its low and high at $2211.5/mt and $2234/mt respectively before closing at $2211.5/mt, down $23.5/mt or 1.05%. On the macro level, the recently released Chinese social finance data and US CPI data continue to boost market confidence. In terms of fundamentals, Yunnan's production reduction coincides with the arrival of the off-season, and both supply and demand are reduced. The reduction on the demand side still needs to be observed. SHFE aluminum may maintain a sideways trend in the short term, and we need to pay close attention to the weakening pace of demand and cost changes caused by raw materials.