Latest Update in the SMM Aluminum Market

Aluminum prices remained above 20,000 yuan/mt. Downstream buyers presented little buying interest.

On Apr 25, 2024, SMM data showed that the social inventory of aluminum ingots in China’s eight major markets was 807,000 mt, (the amount for sale stood at 681,000 mt), down 37,000 mt WoW, down 24,000 mt compared with Apr 22 and 77,000 mt YoY, remaining at the lowest compared to the same period of past seven years.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Apr 26, 2024

LME copper prices opened at $9902/mt and closed at $9900/mt last evening, up 1.12%, with the highest of $9958/mt and the lowest of $9736/mt.

Overnight, the most-traded SHFE 2406 aluminum contract opened at 20,515 yuan/mt, with its lowest and highest at 20,355 yuan/mt and 20,530 yuan/mt before closing at 20,375 yuan/mt, up 40 yuan/mt or 0.2%.

On April 25, SMM statistics showed that aluminum inventory in Shanghai bonded zone was 29,200 tons, and the inventory in Guangdong bonded zone was 4,500 tons, with a total inventory of 33,700 tons, a weekly increase of 100 tons.

The most-traded SHFE aluminum contract rose in early trading today and then fell back.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Apr 25, 2024