The market is bullish with a strong optimistic atmosphere, and overnight aluminum remained strong with a 0.72% increase; the progress and scale of aluminum production resumption in Yunnan fell short of expectations, narrowing the increase in aluminum ingot inventory, and downstream resumption of work continued, indicating a potential rise in aluminum prices.
The bullish sentiment in the market is strong, with investors actively trading and continuing to be bullish, providing strong support for LME aluminum prices. Overnight, LME aluminum oscillated with a bias towards strength, closing with a bullish candlestick, with the latest closing price at $2,252 per ton, up $16, or 0.72%, with a decrease in trading volume of 1,222 lots to 1,596 lots and an increase in open interest of 4,765 lots to 696,463 lots. Shanghai aluminum oscillated stronger in the evening, closing with a bullish candlestick, with the latest closing price of 24,04 main contract at 19,220 yuan per ton, up 70 yuan, or 0.37%.
On March 9, the latest inventory of LME aluminum was 577,675 tons, a decrease of 2,375 tons from the previous trading day, a decrease of 0.41%.
On March 11, the spot price of aluminum, the comprehensive spot price of A00 aluminum ingot in the Yangtze River, was reported at 19,085 yuan per ton, down 70 yuan; the A00 aluminum ingot price in East China Aluminum was reported at 19,100 yuan per ton, down 60 yuan. The continuous high expectations for a rate cut in the United States in June and the positive economic signals of “seeking progress while maintaining stability” from the two sessions in China have boosted market sentiment, pushing aluminum prices to maintain a relatively strong trend. On the supply side, the progress and scale of aluminum production resumption in Yunnan fell short of expectations, easing supply pressure and further consolidating the strong performance of aluminum prices. At the same time, the increase in aluminum ingot inventory has narrowed, and downstream resumption of work continues, showing signs of recovery in consumption. Market trading sentiment is gradually heating up, with the traditional peak season approaching, and the market generally maintains a bullish expectation. Aluminum is expected to rise today.