SMM, September 2: Although mid-August saw a turning point in domestic aluminum ingot destocking, the process has not been smooth since late August, and the inventory has yet to fall below 800,000 mt.

After the turning point of domestic aluminium ingot destocking became clear last week, this week’s domestic aluminium ingot inventory performance was disappointing, showing continuous slight accumulation.

As late August approaches, the turning point for domestic aluminum ingot destocking is becoming apparent.

On August 15, SMM reported that the aluminium inventory in the Shanghai Bonded Zone was 35,700 mt, and the inventory in the Guangdong Bonded Zone was 4,200 mt, with a total inventory of 39,900 mt, down 3,300 mt WoW.

In the past week, the domestic aluminum ingot inventory showed slight improvement, and the pick-up from warehouses also stabilized.

In the early trading session today, the most-traded SHFE aluminum contract fluctuated downward.

Overnight, LME copper opened at $10,460.5/mt, initially reaching a high of $10,481/mt and hitting a session low of $10,386.5/mt.

Overnight, the most-traded SHFE 2407 aluminum contract opened at 21,350 yuan/mt, reaching a high of 21,970 yuan/mt and a low of 21,350 yuan/mt, and closed at 21,895 yuan/mt, up 590 yuan/mt, an increase of 2.77%.

In the early trading session today, the most-traded SHFE aluminum contract slightly dipped before fluctuating upwards.

Last Friday evening, LME copper opened at $10,382/mt, hitting a session low of $10,316.5/mt before closing at $10,334/mt, a decrease of 0.24%.