LME aluminum prices rise on low inventory
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Update time : 2023-09-04 15:33:32
The LME aluminum futures settled at US$2,201.5/ton on August 30, hiking by 1.52% from the previous trading day.
The recent aluminum inventory remained at a low level as electrolytic aluminum plants maintained low ingot casting volume. Market sentiment has also been boosted by the continued stimulus policies implemented by China, the biggest consumer.
In addition, various important economic data have reduced expectations that the Federal Reserve (FED) may raise interest rates in November or December, which has weakened the US dollar significantly. Therefore, dollar-denominated metals become more attractive and competitive due to the weaker US dollar.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
