SHANGHAI, May 30 (SMM) - The most-traded SHFE 2307 aluminium contract opened at 18,055 yuan/mt overnight, with its low and high at 17,885 yuan/mt and 18,065 yuan/mt before closing at 18,070 yuan/mt, down 140 yuan/mt or 0.77%.
On the macro front, a preliminary agreement was reached on the US federal government’s debt ceiling and budget. In addition, the US first-quarter GDP and employment data showed that the US economy was relatively resilient. Aluminium ingot social inventories continued to fall, mainly driven by low share of ingot output at smelters. Aluminium prices will hardly rebound, unless fundamentals show signs of improvement.
