Weekly shipment statistics of aluminum ingots and aluminum billets in major domestic consumption areas on May 6, 2024 (Apr 29-May 5)

SHANGHAI, Jun 2 (SMM) – HRC futures extended its rally today, closing up 2.68% at 3,722 yuan/mt.

SHANGHAI, May 16 (SMM) - The most-traded SHFE 2306 aluminium contract opened at 18,185 yuan/mt overnight, with its low and high at 18,100 yuan/mt and 18,245 yuan/mt before closing at 18,155 yuan/mt, up 40 yuan/mt or 0.22%.

The China Association of Automobile Manufacturers pointed out that the current downward pressure on the Chinese economy continues to increase.

Argentina aims to become one of the top 10 copper producer in the world by 2030, and its investor-friendly stance has attracted global players such as Glencore and Lundin Mining to its north mountains.

Chongqing issued a document on pushing for the elimination of outdated capacity in 2023.

According to SMM statistics, the domestic copper scrap and copper ingot smelting volume stood at 129,000 mt in April, down 9,000 mt MoM.

The 5-year US Treasury yield crashed to its lowest level since August as traders increased their bets on a Fed rate cut in the second half of the year.

According to CCTV news reports, on May 4 local time, Russian Deputy Prime Minister Novak stated that Russia will reduce oil production at the federal level until the end of 2023.

SHANGHAI, May 5 (SMM) - At Thursday’s night session, the most-traded SHFE 2306 aluminium contract opened at 18,410 yuan/mt, with the highest and lowest prices at 18,410 yuan/mt and 18,250 yuan/mt before closing at 18,330 yuan/mt, down 115 yuan/mt or 0.62%.

LME copper prices closed at $8,535/mt last evening, up 0.54%. Trading volume was 19,000 lots and open interest stood at 256,000 lots. The most active SHFE 2306 copper contract finished at 66,540 yuan/mt overnight, down 0.67%. Trading volume was 51,000 lots, and open interest stood at 182,000 lots.