SHANGHAI, November 9(SMM) –
The most-traded SHFE 2312 aluminum contract opened at 19260 yuan/mt overnight, with its low and high at 19205 yuan/mt and 19285 yuan/mt before closing at 19205 yuan/mt, up 5 yuan/mt. LME aluminum opened at $2273.5/mt on Wednesday, with its low and high at $2262/mt and $2279/mt respectively before closing at $2264/mt, down $17/mt or 0.07%.
There is still great uncertainty in overseas macro front. U.S. economic data shows that the U.S. economy is resilient. The U.S. dollar index fluctuates at a high level, suppressing commodities. China is expected to be able to achieve GDP growth of 5% this year. Favorable policies will continue to boost aluminum consumption at the end of the year. In terms of fundamentals, aluminium smelters in Yunnan have started to cut production, with 1.15 million mt of capacity estimated to be reduced. The consumption is switching from peak season to off-season, but the growth of aluminum ingot social inventory has slowed down. In the short term, aluminum price will move at high levels due to the favorable macroeconomic conditions and the tightening of the supply side.
