Views: 0 Author: Site Editor Publish Time: 2023-06-05 Origin: Site
On June 5, spot aluminum prices are expected to remain stable after a slight decline last week. The market sentiment is cautious due to comments from Federal Reserve officials, uncertain global economic conditions, and concerns about weak domestic electrolytic aluminum costs and demand prospects.Aluminum is expected to remain stable today after falling 0.11 percent last week on cautious comments from Federal Reserve officials, amid shaky overseas optimism, weak domestic electrolytic aluminum costs and lingering doubts about improving demand.
Last week, aluminum futures on the London Metal Exchange (LME) experienced a modest decline of 0.11 percent, closing at $2,268 per ton. The trading volume increased slightly, indicating some market activity, while open positions also saw a marginal increase. Meanwhile, Shanghai aluminum futures exhibited a mixed trend, with the main month 2307 contracts closing slightly lower at 18,385 yuan per ton.
As of June 2, inventories of aluminum on the London Metal Exchange stood at 579,025 tonnes, showing a minor increase of 200 tonnes or 0.03 percent compared to the previous trading day.
On June 2, the spot price of aluminum in the Changjiang region witnessed a modest increase, with the comprehensive spot AOO aluminum ingot price reaching 18,570 yuan per ton, reflecting a rise of 165 yuan per ton. Similarly, in the Chinalco East China region, the AOO aluminum ingot price increased by 170 yuan per ton, reaching 18,570 yuan per ton.
Overseas optimism remains uncertain as investors monitor speeches from Federal Reserve officials. Concerns arise from strong signals of U.S. job growth in May, raising the possibility of interest rate hikes in the near future. Domestically, weak electrolytic aluminum costs and doubts surrounding the pace of demand improvement have contributed to a setback in spot market transactions. While there is some downstream reserve demand, the high price levels have dampened enthusiasm for receiving goods, resulting in cautious sentiment among market participants. As a result, the aluminum market is expected to remain stable today.
On June 5, the spot prices of aluminum are anticipated to remain stable following a slight decline last week. Caution persists in the market due to cautious comments from Federal Reserve officials, uncertain global economic conditions, and lingering doubts about domestic electrolytic aluminum costs and demand prospects. Market participants will continue to monitor key factors influencing aluminum prices as they navigate through the dynamic landscape of the aluminum market.
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