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Game between strong policy expectations and weak reality: Aluminum may stabilize on the 12th.

The significant decline in the US dollar benefits metals, with overnight London aluminum continuing to rise by 0.67%. The fundamentals of Shanghai aluminum have weakened, and spot consumption has also weakened. Aluminum ingot social inventories have accumulated recently, but there is low inventory support below. Today, aluminum may stabilize.

The significant decline in the US dollar has favored metals, and risk appetite has increased in stages. Overnight, London aluminum continued its upward trend, closing at a latest quote of $2,169 per ton, up $15 or 0.67%. The trading volume increased by 3,236 lots to reach 14,269 lots, while the open interest increased by 2,019 lots to reach 700,141 lots. In the evening session, Shanghai aluminum opened high but experienced a slight decline. The latest closing price for the main monthly contract, 2308, was 18,050 yuan per ton, down 15 yuan or 0.08%.

On July 11th, the latest inventory of aluminum on the London Metal Exchange (LME) was reported at 531,725 metric tons, a decrease of 2,350 metric tons or 0.44% compared to the previous trading day.

On July 11th, the spot price of aluminum was as follows: The comprehensive spot price of AOO aluminum ingots in the Yangtze River region was reported at 18,245 yuan per ton, down 30 yuan per ton. The AOO aluminum ingot price in East China Aluminum Corporation (Chinalco) was reported at 18,250 yuan per ton, down 20 yuan per ton. The fundamentals of Shanghai aluminum have weakened, and spot consumption has also declined. However, aluminum ingot social inventories have been accumulating recently, providing support with low inventory levels. Additionally, the latest real estate policies in China have provided a certain boost to the demand prospects for aluminum in the construction sector, especially in relation to building delivery requirements. Furthermore, the automotive industry has been consistently strengthening, which is favorable for aluminum consumption. In the short term, Shanghai aluminum is in a state of game between strong policy expectations and weak reality. Therefore, aluminum may stabilize today.

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