SHANGHAI, Sep 8(SMM) – Overnight, the most-traded SHFE 2310 aluminium contract opened at 19,175 yuan/mt, with the lowest and highest prices at 19,110 yuan/mt and 19,175 yuan/mt before closing at 19,165 yuan/mt, down 10 yuan/mt or 0.05% from the previous trading day. LME aluminium opened at $2,193/mt on Thursday with its high and low at $2,199/mt and $2,176.5/mt respectively before closing at $2,196.5/mt.
On the macro side, domestic favorable policies wield boosting effects on markets significantly. But the pace of interest rate hikes by the Fed and the ECB became the biggest variable in the short-term macro. In the fundamentals, the supply of aluminum increased but social inventory is still at a historically low level in the same period. Whether the demand side will usher in a significant improvement during the traditional peak season was still uncertain. The short-term aluminum price is expected to fluctuate, and it is necessary to closely observe the impacts of domestic and overseas macroeconomic changes on aluminum prices
