SHANGHAI, Jun 19 (SMM) – The most-traded SHFE 2307 aluminium contract opened at 18,650 yuan/mt at last Friday’s session, and closed at 18,665 yuan/mt, with its low of 18,540 yuan/mt, up 35 yuan/mt or 0.19%.
LME aluminium opened at $2,251/mt at last Friday’s session, with its low and high at $2,251/mt and $2,294.5/mt respectively before closing at $2,268/mt, a rise of $18/mt or 0.8%.
China continued to introduce a series of policies for restoring and boosting consumption. Expectations for overseas interest rate hikes still exist. There are expectations for aluminium production resumptions in Yunnan, but the contribution to output will be limited in the short term, even if idled capacity is restarted. Spot premiums will stay elevated due to stocking before the Dragon Boat Festival. Aluminium ingot stocks may fall at a slower pace in the off-season. Upside room of SHFE aluminium prices may be limited.
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