Today, LME aluminum prices trended downward, with the 3-month contract quoted at $2,526/ton at 15:01 Beijing time, down by $20/ton from the previous trading day’s settlement price, a decrease of 0.81%.
The SHFE aluminum main 2410 contract opened at RMB 19,950/ton, reaching an intraday high of RMB 20,045/ton and a low of RMB 19,895/ton. It settled at RMB 19,905/ton at the close, up RMB 5 or 0.03% from the previous day’s settlement of RMB 19,900/ton. The trading volume for the SHFE main 2410 contract increased by 12,818 lots to 140,178 lots, and the open interest increased by 5,217 lots to 188,340 lots.
Today’s SHFE aluminum prices fluctuated higher, hovering around RMB 19,900 during the day. The sharp increase in U.S. consumer confidence in August, combined with growing optimism about the economic outlook and ongoing speculation about a potential Fed rate cut, has significantly boosted market risk appetite. This has provided positive momentum for the commodity market, pushing up prices of aluminum and other metals. As the peak season approaches, the operating rate in downstream processing industries has stabilized and slightly increased for three consecutive weeks, enhancing market consumption sentiment. However, the current SHFE aluminum production capacity has reached its peak for the year, with production pressures gradually emerging. This has somewhat limited the rapid upward movement of aluminum prices. Nevertheless, the price level of RMB 19,900 has become an important support point for aluminum prices. Overall, aluminum prices are expected to continue to maintain a slow upward trend, with limited scope for price corrections.
Today’s spot prices in the Changjiang market were quoted at RMB 19,780-19,820/ton, up RMB 60, with a discount of RMB 120-80, down RMB 10. In Guangdong, prices were RMB 19,690-19,740/ton, up RMB 70, with a discount of RMB 210-160, unchanged. In the Shanghai area, prices were RMB 19,770-19,810/ton, up RMB 60, with a discount of RMB 130-90, down RMB 10.
The spot market for aluminum ingots continued to experience weak transactions today, with high-priced supplies dominating the market. Sellers were eager to sell at high prices, while downstream buyers showed little interest in restocking. Even with discounted supplies available, transactions remained scarce, leading to a quiet trading atmosphere and less-than-ideal market activity.