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Uncertainty in demand outlook suppresses the price uptrend; aluminum is expected to experience a slight decline on the 28th.

Oil prices remain strong, hitting a fresh high in over three months, while overnight London aluminum rose slightly by 0.05%. The domestic new energy vehicle industry chain is performing well against the trend. However, the uncertain outlook for aluminum demand is dampening price growth, and aluminum may experience a minor decline today.

Oil prices remain relatively strong, hitting a high point in over three months, which is favorable for the commodity market. London aluminum showed a slight upward trend with a weak and steady consolidation, closing at the latest price of $2,209 per ton, up by $1 or 0.05%. The trading volume was 14,608 lots, with an increase of 981 lots, and the open interest decreased by 1,739 lots to 674,053 lots. In the evening, Shanghai aluminum presented a “N” shape pattern, showing a weak and oscillating bearish trend, closing with a negative candle. The latest closing price for the main 2309 contract was 18,395 yuan per ton, down by 10 yuan or 0.05%.

As of July 27th, the latest inventory of London Aluminum on the London Metal Exchange (LME) is reported at 511,000 metric tons, showing a decrease of 3,025 metric tons or 0.59% compared to the previous trading day.

On July 27th, the spot price of aluminum in China was as follows: The Comprehensive Spot AOO Aluminum Ingot price on the Yangtze River was reported at 18,495 yuan per ton, up by 140 yuan per ton. The Central China AOO Aluminum Ingot price by China Aluminum Corporation (Chalco) was reported at 18,490 yuan per ton, also up by 140 yuan per ton.

The domestic new energy vehicle industry chain has performed remarkably well against the odds, boosting the demand for aluminum used in automobiles and supporting aluminum prices. However, the uncertain outlook for aluminum demand is dampening price growth. Additionally, overall weak consumption in the spot market has led to a general market discount, with buyers showing a cautious approach and limited purchasing, resulting in fewer actual transactions. These factors constrain the upward momentum of aluminum prices, and today’s aluminum prices may experience a minor decline.

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