SMM Aluminium Market Morning Comment (Feb 8)

Published: Feb 08, 2024 09:47 (GMT+8)

Source: SMM

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The most-traded SHFE 2403 aluminum contract opened at 18,900 yuan/mt overnight, with its low and high at 18,815 yuan/mt and 18,910 yuan/mt before closing at 18,845 yuan/mt, down 0.26%.

The most-traded SHFE 2403 aluminum contract opened at 18,900 yuan/mt overnight, with its low and high at 18,815 yuan/mt and 18,910 yuan/mt before closing at 18,845 yuan/mt, down 0.26%. LME aluminium opened at $2,230.5/mt on Wednesday, with its high and low at $2,234/mt and $2,214.5/mt respectively before closing at $2,221.5/mt, down 0.34%.

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, and we will continue to pay attention to whether unexpected news from the macro perspective will disrupt market sentiment.

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