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Shanghai aluminum is still constrained by weak demand above, and aluminum prices may fall on the 28th

Both stock indices and oil prices declined, with London aluminum down 0.61% overnight. Weak external sentiment is suppressing metal trends, as domestic aluminum ingot supply loosens and the subdued seasonal atmosphere deepens, leading to weak expectations of increased consumption. Aluminum prices may fall today.

The simultaneous decline in stock indices and oil prices has exerted pressure on the commodity market. London aluminum weakened overnight, closing at a new price of $2,212 per ton, down $13 or 0.61%, with trading volume increasing by 4,513 lots to 14,181 lots and open interest increasing by 2,986 lots to 653,888 lots. Shanghai aluminum opened higher in the evening but weakened during the session, closing with a slight loss. The latest closing price for the front-month contract, 2401, was CNY 18,825 per ton, down CNY 20 or 0.11%.

On November 25th, LME aluminum’s latest inventory was reported at 471,875 metric tons, a decrease of 2,000 metric tons or 0.42% compared to the previous trading day.

On November 27th, the spot aluminum prices were as follows: Jiangsu A00 aluminum ingot price was CNY 18,895 per ton, up CNY 80 per ton; China Aluminum East A00 aluminum ingot price was CNY 18,890 per ton, up CNY 70 per ton. Fragile external sentiment is weighing on metal trends, with all three major U.S. stock indices falling, and the market filled with a cautious tone. Overnight, metal markets saw across-the-board declines.

Domestically, the supply of aluminum ingots is loosening, and the subdued seasonal atmosphere is deepening, leading to weak expectations of increased consumption. Downstream buyers are struggling to absorb the supply, with lower trading intentions. Faced with high-priced inventory, the willingness to restock remains low. Therefore, Shanghai aluminum is still constrained by weak demand above, and aluminum prices may fall today.

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