SMM Morning Comment For Aluminium Market On November 13

SHANGHAI, November 13(SMM) –

The most-traded SHFE 2312 aluminum contract opened at 19070 yuan/mt at last Friday’s night session, with its low and high at 18935 yuan/mt and 19070 yuan/mt before closing at 18970 yuan/mt, down 130 yuan/mt, or 0.68%. LME aluminum opened at $2237/mt last Friday, with its low and high at $2209.5/mt and $2244/mt respectively before closing at $2221/mt, down $17/mt or a decrease of 0.76%.

Opinions of US Federal Reserve officials were split over future rate hike path, and there is still great uncertainty in overseas macro. Domestic favorable policies continue to boost the domestic economy. In terms of fundamentals, aluminium smelters in Yunnan have started to cut production, with 1.15 million mt of capacity estimated to be reduced. We are currently switching between the peak season and off-season. SHFE aluminum is expected to move sideways short-term.