SMM Aluminium Market Morning Comment (Feb 7)

Published: Feb 7, 2024 09:55

Source: SMM

Save

The most-traded SHFE 2403 aluminium contract opened at 18,905 yuan/mt overnight, with its low and high at 18,870 yuan/mt and 19,020 yuan/mt before closing at 18,970 yuan/mt, up 0.64%.

The most-traded SHFE 2403 aluminium contract opened at 18,905 yuan/mt overnight, with its low and high at 18,870 yuan/mt and 19,020 yuan/mt before closing at 18,970 yuan/mt, up 0.64%. LME aluminium opened at $2,206/mt on Tuesday, with its low and high at $2,203/mt and $2,242/mt respectively before closing at $2,229/mt, up 1.11%.

As CNY is drawing near, inventory grew amid subdued consumption. Transactions in the spot market was sluggish, in line with market expectations. From a macro perspective, expectations for an interest rate cut by the Federal Reserve in March fell. The Chinese government continued to stress efforts to boost market confidence. In the short term, aluminium prices are expected to move rangebound.

Market forecast Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

7 hours ago

Middle East Geopolitical Tensions Remained Uncertain, Aluminum Prices Mainly Fluctuated at Highs in the Short Term [SMM Aluminum Price Weekly Review]

[SMM Aluminum Price Weekly Review: Middle East Geopolitical Tensions Remain Uncertain, Aluminum Prices Expected to Fluctuate at Highs in the Short Term]

7 hours ago

9 hours ago

SHFE Cast Aluminum Alloy Warrants Drop to 30,493 mt on April 9, Down 569 mt From Previous Day

[SMM Update] SHFE data showed that on April 9, the total registered cast aluminum alloy warrants stood at 30,493 mt, a decrease of 569 mt from the previous trading day. By region, Shanghai registered 1,912 mt (unchanged), Guangdong 11,999 mt (down 359 mt), Jiangsu 3,511 mt (down 30 mt), Zhejiang 8,231 mt (down 180 mt), Chongqing 3,634 mt (unchanged), and Sichuan 1,206 mt (unchanged).

9 hours ago

11 hours ago

Data: SHFE, DCE market movement (Apr 09)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 09 Apr , 2026

11 hours ago