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Macro atmosphere shifts, and aluminum prices may experience a correction as pressures on the demand side mount. On August 3rd, aluminum prices are expected to decline.

Changjiang Aluminum (alu.ccmn.cn) Commentary: The stock market and crude oil collectively declined as risk aversion dominated. Overnight, London aluminum fell by 1.91%. The overseas macro atmosphere shifted to bearish, while Yunnan’s electrolytic aluminum capacity continued to release, leading downstream buyers to adopt a cautious and price-pressured procurement approach. Today, aluminum prices are expected to decline.

Aluminum Futures Market: The stock market and crude oil experienced a collective decline due to prevailing risk aversion, leading to a decrease in risk appetite in the commodity market. Overnight, London aluminum showed weak and fluctuating performance, with the latest closing price at $2,210 per ton, down $43 or 1.91%. The trading volume increased by 309 lots to reach 20,064 lots, and the open interest rose by 5,803 lots to reach 682,120 lots. During the evening session, Shanghai aluminum weakened and moved lower, with the main contract for September (2309) closing at 18,415 yuan per ton, down 125 yuan or 0.67%.

On August 2nd, the latest aluminum inventory on the London Metal Exchange (LME) was reported as 502,775 metric tons, which decreased by 2,775 metric tons or 0.55% compared to the previous trading day.

Changjiang Aluminum Network News: On August 2nd, the spot aluminum prices were reported as follows: Changjiang comprehensive spot AOO aluminum ingot price was 18,535 yuan per ton, down 50 yuan per ton; Chinalco East China AOO aluminum ingot price was 18,540 yuan per ton, down 40 yuan per ton. The overseas macro atmosphere turned bearish, and the resilience of the US labor market kept exerting pressure on aluminum prices. Meanwhile, Yunnan’s electrolytic aluminum capacity continued to release, putting pressure on aluminum prices. Downstream buyers adopted a cautious approach, waiting for prices to fall before making purchases. At present, many merchants believe that aluminum prices are still relatively high, resulting in limited ideal transactions. Only a few buyers made small replenishments. The aluminum market’s trading sentiment is relatively intense, and aluminum prices may decline today.

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