SHANGHAI, November 24(SMM) –The most-traded SHFE 2312 aluminum contract opened at 18825 yuan/mt overnight, with its low and high at 18750 yuan/mt and 18825 yuan/mt before closing at 18810 yuan/mt, up 25 yuan/mt or 0.13%. LME aluminum opened at $2223/mt in the previous trading day, with its low and high at $2215/mt and $2233/mt respectively before closing at $2222/mt, up $0.5/mt or 0.02%.
On the macro level, expectations for further interest rate hikes in Europe and the US have cooled, and China continues to promote economic recovery. In terms of fundamentals, Yunnan's production reduction coincides with the arrival of the off-season, and both supply and demand are reduced. The reduction on the demand side still needs to be observed. In the short term, with the support of falling aluminum ingot stocks and real estate support policies, SHFE aluminum may move sideways.
On the macro level, expectations for further interest rate hikes in Europe and the US have cooled, and China continues to promote economic recovery. In terms of fundamentals, Yunnan's production reduction coincides with the arrival of the off-season, and both supply and demand are reduced. The reduction on the demand side still needs to be observed. In the short term, with the support of falling aluminum ingot stocks and real estate support policies, SHFE aluminum may move sideways.
