SHANGHAI, Sep 4 (SMM) – Last Friday night, the most-traded SHFE 2310 aluminium contract opened at 19,330 yuan/mt, with the lowest and highest prices at 19,220 yuan/mt and 19,585 yuan/mt before closing at 19,365 yuan/mt, up 35 yuan/mt or 0.18% from the previous trading day. LME aluminium opened at $2,206/mt on Friday with its high and low at $2,260/mt and $2,206/mt respectively before closing at $2,237/mt.
On the macro side, domestic favorable policies wield boosting effects on markets significantly. But speculation about a Fed rate hike added to macro uncertainty. In the fundamentals, the proportion of molten aluminum output remained high and the continuous low level of aluminum ingot inventory brought support to aluminum prices. Entering into the traditional peak seasons of September and October, there are certain optimistic expectations on the consumer side. Under multiple factors’ influence, the short-term aluminum price is expected to fluctuate at a high level, but it is necessary to closely observe the consumption changes in the peak season.
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