SMM Morning Comment For Aluminium Market On November 14

SHANGHAI, November 14(SMM) –The most-traded SHFE 2312 aluminum contract opened at 18960 yuan/mt overnight, with its low and high at 18890 yuan/mt and 18960 yuan/mt before closing at 18940 yuan/mt, up 60 yuan/mt or 0.32%. LME aluminum opened at $2222.5/mt on Monday, with its low and high at $2203/mt and $2235/mt respectively before closing at $2230/mt, up $9/mt or 0.41%. On the macro level, the hawks and doves within the Federal Reserve are co-existing, adding to overseas macro uncertainty. Domestic favorable policies continue to boost the domestic economy. China’s October social financing data far exceeded expectations, boosting market confidence. Fundamentally, Yunnan's production reduction coincides with the arrival of the off-season, with both supply and demand reduced. Social inventories of aluminum ingots continue to accumulate, suppressing market sentiment. SHFE aluminum may move sideways in the short term.