SHANGHAI, November 21(SMM) –
The most-traded SHFE 2312 aluminum contract opened at 18960 yuan/mt overnight, with its low and high at 18930 yuan/mt and 18960 yuan/mt before closing at 18975 yuan/mt, up 15 yuan/mt or 0.08%. LME aluminum opened at $2213/mt in the previous trading day, with its low and high at $2211/mt and $2247/mt respectively before closing at $2244/mt, up $28/mt or 1.26%.
On the macro level, expectations for interest rate hikes in Europe and the United States continue to cool, and China continues to promote economic recovery. Fundamentally, Yunnan's production reduction coincides with the arrival of the off-season, with both supply and demand being reduced. Aluminum ingots inventories have begun to fall back recently, which should support SHFE aluminum in the short term.
