SHFE Aluminium Slumps on Banking Crisis Triggered by SVB Collapse, But then Rebounds Thanks to Bullish Fundamentals

SHANGHAI, Mar 27 (SMM) – After opening at 18,200 yuan/mt last Monday, the most-traded SHFE 2305 aluminium contract sank to 17,920 yuan/mt due to banking crisis triggered by the collapse of Silicon Valley Bank and risk aversion before the US Fed’s interest rate decision. Subsequently, the contract rebounded to 18,520 yuan/mt on the back of positive fundamentals before closing at 18,470 yuan/mt as of CST 15:00 on Friday, up 240 yuan/mt or 1.32% on the week.