[SMM Aluminum Flash] On August 19, LME aluminum inventory stood at 246,900 mt, unchanged from the previous day; over the past week, LME aluminum inventory decreased by 4,775.00 mt, a decline of 1.90%; over the past month, LME aluminum inventory decreased by 32,900 mt, a decline of 11.74%.

[SMM Aluminum Flash News] On August 18, LME aluminum inventory was recorded at 246,900 mt, unchanged from the previous day; over the past week, LME aluminum inventory decreased by a cumulative 6,475.00 mt (2.56%); over the past month, LME aluminum inventory decreased by a cumulative 33,200 mt (11.84%).

[SMM Aluminum Flash] On August 17, LME aluminum inventory totaled 246,900 mt, down 1,375 mt from the previous day, a decrease of 0.55%; over the past week, LME aluminum inventory fell by 7,975.00 mt in total, a decrease of 3.13%; over the past month, LME aluminum inventory fell by 33,200 mt in total, a decrease of 11.84%.

[SMM Aluminum Flash] On August 14, LME aluminum inventory stood at 248,300 mt, down 1,700 mt, or 0.68%, from the previous day; over the past week, LME aluminum inventory fell by a total of 8,100.00 mt, or 3.16%; over the past month, LME aluminum inventory fell by a total of 34,800 mt, or 12.29%.

[SMM Aluminum Express] On August 7, LME aluminum inventory recorded 256,400 mt, down 1,500 mt from the previous day (0.58%); over the past week, cumulative decrease was 8,000.00 mt (3.03%); over the past month, cumulative decrease was 34,400 mt (11.84%).

[China Aluminum Inventory Pulls Back, Multiple Factors Drive Aluminum Prices to Drift Higher] Overall, the macro front has improved recently, and the US Fed’s short-term pause on rate hikes has eased the marginal constraint on the nonferrous sector. Meanwhile, the proportion of liquid aluminum in China has continued to rise, and destocking of China aluminum inventory has resumed, jointly underpinning aluminum price performance. However, the continued rollout of forward capacity outside China, weak traditional end-use demand in China during the traditional off-season, and the recent easing of Middle East geopolitical tensions have together created some upside pressure on aluminum prices. Aluminum prices are expected to continue to consolidate on a strong note.

[Limited Upside for Aluminum Price Rebound as Aluminum Inventory Buildup Adds to Longer-Term Capacity Additions, While Geopolitical Premium Provides a Floor] Overall, the macro front has improved somewhat recently, and expectations for US Fed interest rate hikes have remained on hold, easing the marginal constraint on the nonferrous sector. In China, the proportion of liquid aluminum has continued to rise, and the geopolitical risk premium in the Middle East has persisted, jointly providing a floor for aluminum prices; market confidence has recovered somewhat in the short term. However, longer-term capacity additions for aluminum outside China have continued, and during the traditional off-season, traditional end-use demand in China has been weak. Coupled with repeated swings in expectations for US Fed interest rate hikes outside China and ongoing disruptions from uncertainty in the Middle East situation, aluminum prices are expected to continue to consolidate on a strong note, though resistance remains.

[SMM Aluminum Flash] On July 31, LME aluminum inventory stood at 264,400 mt, down 1,900 mt (0.71%) from the previous day. Over the past week, LME aluminum inventory decreased by 8,375.00 mt (3.07%). Over the past month, LME aluminum inventory decreased by 37,400 mt (12.39%).

[SMM Aluminum Flash] On July 30, LME aluminum inventory recorded 266,300 mt, down 1,500 mt from the previous trading day, a decrease of 0.56%. Over the past week, LME aluminum inventory decreased by a cumulative 8,875.00 mt, a decrease of 3.23%. Over the past month, LME aluminum inventory decreased by a cumulative 37,400 mt, a decrease of 12.31%.

[SMM China Bonded Zone Aluminum Inventory Statistics] On July 30, SMM statistics showed that Shanghai Bonded Zone aluminum inventory was 83,400 mt, Guangdong Bonded Zone inventory was 30,000 mt, totaling 113,400 mt, up 20,000 mt WoW.