Search
Close this search box.

NEWS

China stainless steel factory

The simultaneous rise of crude oil and the U.S. dollar triggers market speculation; on the 11th, aluminum prices are expected to experience a predominantly downward trend.

The simultaneous rise of crude oil and the U.S. dollar has triggered market speculation; LME aluminum faces pressure with a slight increase of 0.14% in the coming week. China’s significant conference attracts attention, raising expectations for market policies, but weak downstream consumption may limit the upward or downward movement of aluminum prices today.

The simultaneous rise of crude oil and the U.S. dollar has led to market speculation. Strong performance in the U.S. non-farm data for November indicates the continued strength of the U.S. labor market. This has boosted the U.S. dollar and Treasury yields, reducing market expectations for a Fed rate cut in 2024. However, due to the support provided by the rebound in the oil market, the market has not experienced a significant downturn. LME aluminum trends are under pressure, consolidating in a sideways pattern and closing slightly higher. The latest closing price is $2,134 per ton, up $3, or 0.14%. Trading volume increased by 1,244 lots to 18,393 lots, while open interest decreased by 220 lots to 678,350 lots. On Friday evening, Shanghai aluminum opened high but moved downward, closing with a negative candle. The latest closing price for the main contract (2401) is CNY 18,395 per ton, down CNY 15, or 0.08%.

As of December 8th, the latest LME aluminum inventory is reported at 453,225 metric tons, an increase of 10,725 metric tons or 2.42% compared to the previous trading day.

On December 8th, the spot aluminum prices were as follows: the A00 aluminum ingot price on the Yangtze River Comprehensive Index was CNY 18,515 per ton, up CNY 40 per ton; the A00 aluminum ingot price on East China Aluminum was CNY 18,520 per ton, up CNY 40 per ton. China’s significant conference is in the spotlight, with rising expectations for market policies. However, with weak downstream consumption, spot trading remains subdued. Under the backdrop of the traditional off-season for consumption, there is significant upward pressure on aluminum prices. In addition, the renewed strength of the U.S. dollar index has offset optimistic expectations in the domestic policy environment. The downstream processing leading enterprises have reduced production rates, and the building materials sector’s orders have slightly declined, creating a bearish sentiment for aluminum consumption. It is expected that aluminum prices will experience a predominantly downward trend today.

New Center

More Posts

Shanghai Aluminum’s supply and demand fundamentals are weakening, with aluminum prices expected to fall on July 5th.

Amid the tug-of-war between the US rate cut expectations and demand concerns, LME aluminum dropped 0.88% overnight; Shanghai aluminum’s supply and demand fundamentals are weakening, with spot consumption cautious and lacking in orders. Aluminum ingot social inventories continue to accumulate, suggesting a potential drop in aluminum prices today. The tug-of-war between US rate cut expectations

Italian flat steel prices rise on supply shortage

According to Kailan International Steel Information on June 18, due to the strikes in some steel mills in recent weeks, European steel manufacturers have accumulated a large number of unplaced orders. On the basis of weak downstream demand, supply has become even weaker, leading to an increase in the transaction price of Italian plates. The

Sustained Rebound, Consolidation

Viewpoint: The macroeconomic guidance is neutral. The sentiment in the non-ferrous metals sector has significantly eased, showing a weak rebound. On the supply side, TC (Treatment Charges) remains sluggish, and the strong reality of tight marginal supply of copper concentrates continues. The previous high copper prices attracted extensive illegal mining in Peru, and whether production

Send Us A Message

CONTACT US

Let's have a chat