This week, London Metal Exchange (LME) prices dropped to around $2,600/t after a brief rise following China's proposed removal of the export tax rebate on aluminium semi-finished products. The price surge moderated as the market adjusted to the policy changes and shifted its focus to current demand trends.
At the time of reporting, three-month aluminium futures on the LME stood at $2,620/tonne, range-bound compared to the previous week's levels of around $2,620-2,630/tonne. Meanwhile, stocks at LME-registered warehouses stood at 706,000 tonnes, falling by 1.4 per cent w-o-w from 693,500 tonnes.
The main theme of domestic favourable macro front remains unchanged, SHFE aluminium prices showed a ‘v-shaped’ rebound today
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