SHANGHAI, Sep 5 (SMM) – Overnight, the most-traded SHFE 2310 aluminium contract opened at 18,950 yuan/mt, with the lowest and highest prices at 18,890 yuan/mt and 19,040 yuan/mt before closing at 19,025 yuan/mt, up 60 yuan/mt or 0.32% from the previous trading day. LME aluminium opened at $2,238/mt on Monday with its high and low at $2,242/mt and $2,195/mt respectively before closing at $2,200.5/mt.
On the macro side, domestic favorable policies wield boosting effects on markets significantly. But the vacillating attitude of the Fed to raise interest rates added to macro uncertainty. In the fundamentals, recent concentrated arrivals of aluminum ingots increased social inventory accumulation, weakening the support for aluminum prices. The short-term aluminum price is expected to face downward upward, but it is necessary to closely observe the consumption changes in the peak season.
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