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The Federal Reserve’s pause in interest rate hikes has raised expectations, and on the 30th, aluminum prices may see an increase.

The suspension of interest rate hikes by the Federal Reserve has heightened expectations, and aluminum prices made a strong move higher in the past week. The latest closing price for London aluminum reached $2,226 per ton, up $29, marking a 1.32% increase, with trading volume at 15,359 lots, up by 416 lots, and open interest at 641,050, up by 5,474 lots. On Friday night, Shanghai aluminum started high and maintained a strong trend, with the latest closing price for the main 2312 contract at 19,140 yuan per ton, up 270 yuan, representing a 1.43% increase.

As of October 27th, the latest inventory for London aluminum on the London Metal Exchange (LME) stood at 478,725 metric tons, a decrease of 1,525 metric tons from the previous trading day, reflecting a 0.32% decline.

On October 27th, the spot aluminum prices were as follows: the Jiangsu AOO aluminum ingot price reported 18,905 yuan per ton, down 125 yuan per ton, and the Chinalco East AOO aluminum ingot price reported 18,910 yuan per ton, down 110 yuan per ton. The approaching dry season in Yunnan and potential disruptions from power restrictions are supporting aluminum prices. Additionally, there are indications that the window for importing aluminum ingots is closing, which is expected to alleviate supply pressure in the fourth quarter. These factors, combined, provide upward momentum for aluminum prices. Furthermore, we are seeing a slight decline in social aluminum ingot inventories, and there is an improvement in the trading conditions in the spot market. Therefore, in the short term, aluminum prices are expected to remain relatively strong, and aluminum may see an increase today.

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