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The surging stock market and rising crude oil prices support aluminum prices. Aluminum is expected to rise on the 30th.

The collective strength in the stock market and crude oil prices is supporting a return to a preference for risk, with London aluminum rising by 0.74% overnight. Shanghai aluminum stocks continue to remain low, leading to a shortage in spot supply. Coupled with strong expectations for the peak season, this is expected to provide support for aluminum prices today.

In the aluminum futures market, the bullish sentiment is on the rise as the stock market and crude oil collectively strengthen, and London aluminum showed a relatively strong performance overnight, closing at $2,168 per ton, up $16, or 0.74%, with a trading volume of 14,151 contracts, an increase of 1,594 contracts, and an open interest of 669,481 contracts. In the evening, Shanghai aluminum fluctuated narrowly in the high-level range, with the latest closing price of 18,700 yuan per ton for the main contract of September, up 50 yuan, or 0.27%.

On August 29th, the latest LME aluminum inventory was reported at 524,025 metric tons, a decrease of 2,150 metric tons, or 0.41%, from the previous trading day.

As for spot aluminum prices on August 29th, the Jiangsu comprehensive spot AOO aluminum ingot price was reported at 18,915 yuan per ton, up 10 yuan per ton, while the East China AOO aluminum ingot price from China Aluminum was reported at 18,910 yuan per ton, up 10 yuan per ton. With Shanghai aluminum stocks continuing to be low and spot supply tight, combined with a strong outlook for the peak season and robust performance in the photovoltaic industry’s orders in recent times, driving downstream aluminum consumption growth, coupled with the effective implementation of a series of favorable domestic policies, which has positively influenced market confidence, the improvement in spot trading activity also provides an optimistic signal for the rise in aluminum prices today. It is expected that aluminum prices will rise today.

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