SHFE aluminum contract keeps stable, domestic aluminum ingot stock falls
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Update time : 2024-12-09 19:22:20
The most-traded aluminum contract on the Shanghai Futures Exchange (SHFE) has stabilized above CNY 20,000/ton since late November, providing buyers with confidence to restock at dips.
SMM statistics showed that China’s domestic aluminum ingot shipments decreased slightly by 1.5% week on week to 130,300 tons. Strong outflows from warehouses and stable shipments from Xinjiang prompted inventory destocking in early December.
As of December 5, 2024, the domestic social inventory of aluminum ingots was 547,000 tons, a decrease of 6,000 tons from the previous week and a year-on-year drop of 42,000 tons. Among them, Gongyi's inventory increased by 9,000 tons, Wuxi's fell by 7,000 tons, and Foshan destocked slightly.
SMM predicted that the backlog in Xinjiang will ease, and shipments from Gongyi and Wuxi may increase, but it is still needed to be wary of pressure from concentrated arrivals although low inventories provide short-term support for aluminum prices.
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