Since July, the domestic supply of aluminium scrap has remained tight. Coupled with multiple policy adjustments in the recycled metal industry, this has led to a decline in industry activity. Some secondary aluminium processing enterprises are facing difficulties in procuring aluminium scrap raw materials and poor industry profitability.

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.

Last week, the macroeconomic environment continued to release positive signals.

The 19th Aluminium China, Asia's leading aluminium industry trade show and B2B platform for sourcing, branding, networking, and technical exchange, successfully concluded its 2024 expo on July 5 at the Shanghai New International Expo Centre (SNIEC).

Overnight, LME copper opened at $9,710.5/mt, initially hitting a high of $9,737.5/mt before declining throughout the session to a low of $9,609.5/mt at the end of trading. It then consolidated and finally closed at $9,616/mt, down 0.50%. Trading volume reached 20,000 lots, and open interest was 311,000 lots.

The most-traded SHFE aluminum 2409 contract opened at 19,785 yuan/mt overnight, reaching a high of 19,810 yuan/mt and a low of 19,700 yuan/mt, and closed at 19,720 yuan/mt, down 70 yuan/mt, a decrease of 0.35%.

Overnight, LME copper opened at $9,748/mt, initially hitting a session high of $9,749.5/mt amid fluctuations.

Overnight, the most-traded SHFE aluminum 2409 contract opened at 19,800 yuan/mt, reaching a high of 19,870 yuan/mt and a low of 19,730 yuan/mt, and closed at 19,810 yuan/mt, down 85 yuan/mt, a decrease of 0.43%.

This week, macroeconomic front was stable overall. Although the US ADP employment data led to increased market expectations for a US Fed rate cut, the Fed's stance on rate cuts remains unclear and has not impacted market sentiment.

The macroeconomic aspect was relatively stable last week, with no significant fluctuations.