Aluminium Prices Gained Some Support from Low Inventory in April

SHANGHAI, May 15 (SMM) - Aluminium futures prices dropped after surging from April 11 to May 11. In mid-April, SHFE 2306 aluminium moved rangebound with some ups on shrinking supply and once opened at 18,590 yuan/mt. During this period, the futures prices reached the highest of 19,275 yuan/mt as the longs increased their positions, but when the market sentiment weakened, the prices fell, recording the lowest of 18,005 yuan/mt. The contract closed at 18,030 yuan/mt as of May 11, down 440 yuan/mt or 2.38%. During the same session, the LME 3M featured the same trend and moved between $2,215-2,462/mt. As of May 11, it stood at $2,462/mt, marking a monthly drop of 2.47%.