Latest Update in the China Aluminum Market

SHFE nonferrous metals increased broadly on Friday January 15. Aluminium added 0.92%, lead advanced 0.4%, nickel firmed 1.19% and tin rose 0.35%, while copper edged down 0.09% and zinc shed 1.67%.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 15, 2021

As of January 11, domestic social aluminium inventories, including SHFE warrants, stood at 676,000 mt, an accumulation of 80,000 mt.

Shanghai base metals were mostly higher on Friday morning as investors reacted to the release of US President-elect Joe Biden's $1.9 trillion coronavirus rescue package. Meanwhile, their counterparts on the LME traded mixed.

The dollar drifted lower on Thursday in choppy trading, after Federal Reserve Chair Jerome Powell struck a dovish tone, saying the US central bank is not raising interest rates anytime soon and rejecting suggestions the Fed might start reducing its bond purchases in the near term.

SHFE nonferrous metals were mostly lower on Thursday January 14. Copper shed 0.17%, aluminium weakened 0.4%, zinc fell 1.85% and tin edged down 0.01%, while lead rose 1.81% and nickel gained 1.37%.

Primary aluminium ingot inventories in China rose this week, showed SMM data. 

Inventories of aluminium billet in China decreased this week due to a slight increase in shipments at warehouses.