Overnight, the most-traded SHFE aluminum 2501 contract opened at 20,415 yuan/mt, reached a high of 20,535 yuan/mt, a low of 20,400 yuan/mt, and closed at 20,445 yuan/mt, up 105 yuan/mt from the previous day, an increase of 0.52%. On Monday, LME aluminum opened at $2,604/mt, hit a high of $2,622.5/mt, a low of $2,584/mt, and closed at $2,596.5/mt, down $11/mt, a decrease of 0.42%.
Summary: On the macro front, yesterday's meeting of the Central Political Bureau of the Communist Party of China released positive signals, causing a collective rise in non-ferrous metals. On the fundamentals side, aluminum costs fluctuate at highs, raising market concerns about production cuts at high-cost enterprises. Although weak consumption combined with an inventory buildup in aluminum ingots, the social inventory of aluminum ingots remains relatively low at below 600,000 mt. Currently, positive macro signals have ignited the confidence of bulls, and short-term aluminum prices are expected to fluctuate upward. Changes in aluminum costs and overseas market tax trends remain key focal points that need close attention.
