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Macro sentiment leads price trends, aluminum is expected to see a slight increase on the 24th.

The stock market’s strength and the rise in crude oil prices provided support to prices, resulting in a 0.8% increase in aluminum futures on the London Metal Exchange during the past week. The resumption of electrolytic aluminum production in Yunnan, China, is showing positive signs, while the demand for new energy vehicles remains high. Shanghai aluminum is currently finding short-term support, indicating a potential slight increase in prices today.

The stock market’s strength and the rise in crude oil prices provided support to prices, leading to a slight easing of cautious sentiment in the market. In the short term, there was a brief boost in commodities. During the past week, aluminum futures on the London Metal Exchange showed a relatively strong upward trend, with the latest closing price at $2,211 per ton, representing an increase of $18 or 0.80%. The trading volume decreased by 2,728 contracts to 10,651 contracts, and the open interest reduced by 1,645 contracts to 683,580 contracts. On Friday evening, Shanghai aluminum initially opened low, but rebounded and showed a relatively strong performance. The latest closing price for the main 2309 contract was 18,275 yuan per ton, up 25 yuan or 0.14%.

As of July 21st, the latest inventory of aluminum on the London Metal Exchange (LME) was reported at 513,400 metric tons, with an increase of 300 metric tons or 0.06% compared to the previous trading day.

On July 21st, the spot price of aluminum showed the following trends:

Comprehensive spot AOO aluminum ingot price on the Changjiang Exchange was reported at 18,305 yuan per ton, increasing by 30 yuan per ton.
East China spot AOO aluminum ingot price on China Aluminum Network was reported at 18,310 yuan per ton, also increasing by 30 yuan per ton.
The resumption of electrolytic aluminum production in Yunnan is showing positive signs, continuing to exert pressure on aluminum prices. Downstream production rates remain relatively weak. However, the demand for new energy vehicles remains high, and stable growth in photovoltaic applications is contributing to the market. Additionally, the reduction of aluminum rod inventories is also supporting prices. In the short term, Shanghai aluminum has some support from the downside. Recent aluminum prices are likely to be influenced by macro sentiment fluctuations, resulting in minor fluctuations, and today’s aluminum price is expected to show a slight increase.

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