Overnight, the most-traded SHFE aluminum 2502 contract opened at 20,490 yuan/mt, peaked at 20,510 yuan/mt, dropped to a low of 20,420 yuan/mt, and closed at 20,500 yuan/mt, down 60 yuan/mt from the previous day, a decrease of 0.29%. On Thursday, LME aluminum opened at $2,605/mt, reached a high of $2,623/mt, a low of $2,589/mt, and closed at $2,604/mt, up $3/mt, an increase of 0.12%.
Summary: On the macro front, global liquidity remains ample, and domestically, positive signals are being released again. On the fundamentals side, aluminum costs fluctuate at highs, leading to some capacity reductions. Although aluminum ingot social inventory has started to build up due to sluggish consumption, it remains below 600,000 mt, a relatively low level. Short-term aluminum prices are expected to fluctuate. Changes in the macro situation and the direction of aluminum costs remain the biggest variables at present.
