Aluminium remains a cornerstone of the global economy, with the rising demand for green metal highlighting its lasting significance. Despite challenges and periodic disruptions, the push for sustainable aluminium continues to gain momentum.

In August 2024, the global aluminium industry experienced notable fluctuations in pricing, reflecting a complex interplay of market dynamics and economic factors.

This week, the macro front was largely positive. Fed Chairman Powell clearly stated that rate cuts are the future policy direction, almost confirming a rate cut in September.

Macro: From June 12 to July 10, the macro front was relatively neutral. The Fed's interest rate cut expectations were still wavering, having little impact on market sentiment.

During this period (June 12-July 10), the most-traded SHFE aluminium contract went down, with the lowest point at 19,950 yuan/mt and the highest point at 21,030 yuan/mt.

Macroeconomic: The overall macroeconomic was relatively strong. Although the US Fed's interest rate cut expectations have been swinging back and forth, the Bank of Canada and the European Central Bank successively announced interest rate cuts.