The most-traded SHFE 2407 aluminum contract opened at 20,820 yuan/mt, reaching a high of 20,900 yuan/mt and a low of 20,730 yuan/mt, and closed at 20,800 yuan/mt, down 105 yuan/mt, a drop of 0.5%. The previous trading day, LME aluminum opened at $2,575.5/mt, reached a high of $2,589/mt, a low of $2,529/mt, and closed at $2,544/mt, down $38/mt, a drop of 1.47%.
Summary: On the macro level, the postponement of US Fed interest rate cut expectations resulted in a short-term pullback in aluminum prices, but interest rate cuts by the European Central Bank and others provided support for commodities. On the fundamentals, the domestic aluminum market supply and demand relationship is gradually weakening, with both aluminum ingot and aluminum billet social inventory increasing. In the short term, aluminum prices are under pressure, and are expected to hover around at a high level.
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